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.
 

Comments

 

Other News

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter