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Indian Angel Network, a player in the early stage entrepreneurial ecosystem, has invested Rs.4.5 crore in a real estate group buying pioneer GrOffr.com. The Series-A funding will help GrOffr to expand within India. With this deal, Indian Angel Network’s investments count goes up to 24.

Commenting on the investment, IAN member Krishna Jha, who will also serve on the board of the company, said, “In GrOffr, Indian Angel Network found a differentiated business idea in the real estate asset category with large potential for savings for end customers.”

Talking about the use of fresh funding from Indian Angel Network, GrOffr co-foundeer Vikhyat Srivastava said, “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, in doubling the current team size to nearly 50 in the next year and in brand building.”

GrOffr helps customers in getting attractive price off on their planned purchases of real estate, cars and other high-value assets. By leveraging the power of group buying, GrOffr helps customers get lucrative deals from builders in the primary real estate market. Its core competence lies in forming groups of buyers in any city so as to be able to get a better deal. The free membership of groups at GrOffr is open to individual buyers as well as corporate buyers. Till date, GrOffr has helped over 100 customers buy gross assets valued at over Rs. 120 crore since inception under a year ago with savings of over Rs. 20 crore.

Tags:
GrOffr, IAN, Indian Angel Network, investment, real estate