Group buying real estate portal Groffr.com has raised approximately $1 million USD from the early stage investor Indian Angel Network. This is series A funding for the real estate portal. Mr. Krishna Jha, member of the Indian Angel Network will join the board of Groffr.com as a part of the deal.
Groffr allows its members to get good discounts on their real estate purchase by offering a group buying opportunity. Groffr negotiates these deals directly with the real estate companies. If a member is interested in a property which is not listed on Groffr, they can make a suggestion to Groffr and ask interest people to join the offer.
Groffr, based out of Mumbai, is founded by two Indian Entrepreneurs Sandeep Reddy and Vikhyat Srivastava. The company will use the funds to expand its presence in cities such as Mumbai, Delhi NCR, Kolkata, Chennai, Pune, Bangalore, Hyderabad, Kochi, Nagpur, Ahmedabad and Indore.
The present investment by Indian Angel network takes their total number of investments to 24. Indian Angel investor is an early stage investor that has a diverse investment portfolio including Internet, Media, IT, BPO/KPO, Retails, Biotech and Pharma. The investment ranges from $0.1 to $1 million USD.