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.
Forget GroupOn, GroupOff has emerged in India. As the name suggests GroupOff is another Indian Groupon clone which aims to become leader in group buying space in one year time frame. At present GroupOff deals are available in Bangalore, soon they are launching services in other Indian metros.
To save the deal from getting canceled by not meeting the minimum numbers, GroupOff is giving incentive in form of free t-shirts to users to meet the requirement of making a deal live, smart move carrot generally works in India.
GroupOff negotiates with the merchants and come up with the coupons offering 50-90% discount and the deal is typically available for 1 week. Customer needs to decide and buy the coupon within that period. Customers can buy coupons online, coupons will be emailed or delivered at your doorstep and finally customer can redeem the voucher at the merchants place, user can also gift the coupon to their dear ones.
GroupOff makes money from merchants in form of advertising fees and also small cut from each deal sold.
Ultimately customer is getting benefited by the companies entering in deals and group discount space.
Caution: Do read the fine print of each deal before buying.
Dealivore, at first glance will come across as another Groupon Indian clone, but it isn’t. Its purely a deep discount deal provider and it works without needing minimum number of customers buying coupons to make the deal live.
Dealivore negotiate with the merchants and come up with the coupons offering 50-90% discount and the deal is typically available for 24-72 hours. Customer needs to decide and buy the coupon within that period. Customers can buy coupons either online or over the phone, coupons will be emailed or delivered at your doorstep and finally customer can redeem the voucher at the merchants place.
Dealiivore is founded by Satish Madhira, a serial entrepreneur and has also worked as VP of SAP Labs. Dealivore trying to divert merchant’s from branding exercises on paper and radio in which determining ROI is highly diffcult. Dealivore guarantee the minimum sales to the merchant, and in return merchants get advertising mileage, exclusive promotion on website for 1-3 days and getting upfront money from customers as well.
Dealivore is currently offering its deals in Bangalore, Hyderabad and Chennai, soon it plans to launch in Delhi, Mumbai and Pune.
Ultimately customer is getting benefited by the companies entering in deals and group discount space.
Caution: Do read the fine print of each deal before buying, for instance some deals won’t be applicable on weekend. Put your thinking hat before buying coupon, go through the details carefully, coupon may be applicable on food but not on drinks.
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.
carrot generally works in India.
