Bengaluru: BroEx, a Gurgaon-based mobile app that connects real estate brokers through a network, raises $1 million in an early stage funding round from Lightspeed India. The company plans to utilize the funds to expand their business operations to various Tier I, Tier II and Tire III cities across India. It also plans to invest the raised capital for further development of their app by adding additional features and launch new product to simplify the transactions.
Mukul Bhati, a tech-wizard and Pallav Pandey, a serial entrepreneur, established BroEx in 2014. The platform enables the brokers to access the wide network of brokers who are categorized into buy-side brokers and sell-side brokers. Each broker enrolled in BroEx connects and shares his property-related information in the broker network. This helps other brokers in the portal to gain access to a large number sale and rental listings as well as to complete the deals faster.
The real estate agents network in India has grown to a mammoth number of 500,000 brokers, due to which BroEx will aim to help the agents to improve the financial transactions in the industry and also looks forward to make the unorganized real estate industry into an evolved one. As of now, the company claims to have over 25,000 brokers across Indian cities like Bengaluru, Mumbai, Delhi, Jaipur and Pune as its happy users.