Oku Tech’s BroEx, Indian network of real estate brokers, has raised $1 million in early-stage financing from Lightspeed India.
The BroEx network is currently in active use by 25,000 brokers across Delhi-NCR, Mumbai and Bangalore, Pune, Ahmedabad and Jaipur. Gurgaon-based company which was founded in 2014 by Pallav Pandey 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.
Pallav Pandey, founder and CEO of Oku Tech, said: “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.”
Many existing solutions in the market aim to replace the broker or capture their brokerage fees. Through BroEx, brokers can tap into a broad network. 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.
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.