Company Name : BroEx
Funding Amount : $1 million
Investor(s) Lightspeed India.
Oku Tech’s BroEx, a network of real estate brokers, has raised USD 1 million in early-stage funding from Lightspeed India.
The BroEx network is currently in active use by 25,000 brokers across all major metros such as Delhi-NCR, Mumbai and Bangalore, as well as other large population centres such as Pune, Ahmedabad and Jaipur.
The network has grown through viral word-of-mouth across multiple mobile and social platforms. The company plans to deploy these funds to expand to all Tier I, Tier II and Tier III cities in India. Additionally, funds will also be allocated for the next level of product development, including launching complimentary products and services for brokers to facilitate transactions.
The real estate brokerage market in India is currently dominated by 500,000 independent brokers and agencies and generates $4 billion in brokerage fee income for real estate sales and rentals annually. The fragmented nature of the market restricts the ability of industry stakeholders (brokers, builders, customers) to collaborate effectively.