Gurgaon-based startup BroEx, a network of real estate brokers has raised $1 mn in early stage round of funding from Lightspeed India.
Oku Tech’s BroEx will use the funds to expand in Tier I, Tier II and Tier III cities across India. Besides, the funds will also be used in the next level of product development, including launching complimentary products and services for brokers to facilitate transactions.
Founded in 2014 by Mukul Bhati and Pallav Pandey, BroEx network helps brokers tap into a broad network of trusted buy-side and sell-side brokers beyond their personal and professional networks. By connecting and sharing information, including inventory and requirements, with this broker network, brokers are able to access accurate sale and rental listings as well as close deals faster.
On this development, Pallav Pandey, founder and CEO of Oku Tech, said “We are re-imagining the real estate opportunity in India with the broker at the centre of the universe. This round of funding will help us consolidate our position as the preferred network and channel of communication for brokers and also get us ready to power transactions through our platform.”
Currently, the BroEx network is in active use by around 25,000 brokers across all major metros such as Delhi-NCR, Mumbai and Bangalore, as well as other centres like Pune, Ahmedabad and Jaipur.
The real estate brokerage market in India is currently dominated by 500,000 independent brokers and agencies which generates $4 bn in brokerage fee income for real estate sales and rentals annually.
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