Ideas|Products|Startups|VCs

Groffr, the only group buying portal of high value items like real estate, cars, home loans etc is about to close a funding round. It is learnt that the group buying space seems to be only gaining momentum. We have learnt that Groffr is about to raise capital from a prominent Angel Network and another institutional fund. The details are not known but sources say it’s close to a million dollar. The funds are largely going to be used for expansion purposes. Since this is not from company sources we can’t confirm it with certainty.

In another development Groffr got an offer for one of the biggest internet company in India for a complete buy out which was in tune of $4-5M. Groffr founders Sandeep Reddy and Vikhyat Srivastava  declined this tempting offer, Certainly they want to play bigger game in this $1B real estate brokerage market.

Transactions over Groffr platform has been very healthy, around 115 crores transaction has been done and they have saved around 21Cr for their customers. Groffr monthly net revenue has been growing steadily.

Groffr is a a year old Mumbai based startup founded by Vikhyat Srivastav and Sandeep Reddy, both IIMK graduate and worked earlier with PE real estate funds. The group aggregates people interested in a particular property and negotiates with the developers for a discounted price for everyone. Groffr employs 20 people in three cities – Mumbai, Hyderabad and Bangalore.

Given the recent volatility in the sector, it makes sense for the real estate developers and car dealers also as they are able to sell a good chunk of their high value inventory in one shot. It’s a win-win situation for both the parties. Buyers get a good bargain while developers are able to sell a lot of flats in one go while saving on marketing cost.

-Hitesh, vcBytes.com

Groffr is a year old startup based out of Mumbai founded by IIM-K graduates Vikhyat and Sandeep. Groffr is a group buying portal for high valuable items like real estate, cars. I have covered Groffr earlier, you can check here.

Groffr is looking to raise Venture Capital for expanding their operations, Let’s look at their VC pitch.

(Disclaimer: This video is uploaded after taking due permission from Groffr Founders)

Welcome to the world of Group buying, one more startup called Groffr derived from for Group Offer has emerged but with a difference. Unlike other group websites which offer discounts on spas or restaurant spends, Groffr groups people together for buying high value items like real estate and cars.

Groffr is a a year old Mumbai based startup founded by Vikhyat Srivastav and Sandeep Reddy, both IIMK graduate and worked earlier with PE real estate funds. The group aggregates people interested in a particular property and negotiates with the developers for a discounted price for everyone.

Given the recent volatility in the sector, it makes sense for the real estate developers and car dealers also as they are able to sell a good chunk of their high value inventory in one shot. It’s a win-win situation for both the parties. Buyers get a good bargain while developers are able to sell a lot of flats in one go while saving on marketing cost.

Groffr has worked on deals with Emaar MGF, Indiabulls reality, Mahindra Lifespaces and has tied up with real estate consulting firms like Knight Frank to source lucrative deals from the developers.

Groff USP –

•  Only player to club people so that everyone gets discounts on high valuable items like homes, cars.
• Collective wisdom also influences decision while making purchases which Groffr enables.
• Finally high margin on which Groffr operates.