Indian Angel Network invests around USD 1-mn in GrOffr.com

IAN funding to be used to grow GrOffr's presence in Mumbai, Pune, Bangalore, Hyderabad, Chennai, Delhi NCR, inter alia

PTI | July 13, 2011



Early stage venture capital fund, Indian Angel Network (IAN), has invested around USD one million in a Mumbai-based real estate portal GrOffr.com for a minority stake.

The real estate group-buying portal, co-founded by Sandeep Reddy and Vikhyat Srivastava, helps customers get attractive deals on their planned purchases of real estate, cars and other high value assets.

"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. We will also use the funds for marketing and brand building," Reddy said.

The company has also introduced GrOffr Associate Program (GAP) that allows customers to negotiate deals with the real estate developers by leveraging their relationships or the deal size and join GrOffr.com platform and look for a group of buyers. The GAP members can earn a part of profit on deal closures.

"We believe GAP will increase the number of deals coming to GrOffr thus offering wider choice for individual customers as we focus on forming groups," Srivastava said.

GrOffr closed Rs 147 crore worth deals and saved over Rs 29 crore of customers' money till June this year since its inception in July 2010 by offering lucrative deals, he said. "With our expansion plans, we aim to close around five times of the existing deals," he said.
 

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