Indian Angel invests $1 mn in realty portal GrOffr

AHMEDABAD: Indian Angel Network, an early stage venture capital fund, has invested $1 million in a Mumbai-based real estate portal GrOffr.com for a minority stake. The portal has been planning to expand its reach to various cities and offer high value assets such as premium houses and cars. It primarily focuses on group offers and allows the customers get lucrative deals from builders in the primary real estate market.

“The IAN funding would be used to grow GrOffr's presence from Mumbai, Pune, Bangalore, Hyderabad, Chennai, Kochi and Nagpur to Delhi NCR, Kolkata, Ahmedabad and Indore. It will double the current team size to nearly 50 in the next one year and also in brand building,” says Vikhyat Srivastava, co-founder of GrOffr.

Groffr has helped over 100 customers buy gross assets valued at over Rs 120 crore since its inception in early 2010 with savings of over Rs 20 crore. The group buying concept is growing fast in India and thus, the portal is introducing GrOffr Associate program that allows them to negotiate deals with the real estate developers by leveraging their relationships or the deal size.