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Groffr.com raises Series A funding from Indian Angel Network

Real estate group buying portal Groffr.com has raised a
Series A funding from Indian Angel Network (IAN). According to IAN, the amount
is under $1 million. The funds will be used to expand Groffr’s services to
other cities in India. Krishna Jha, IAN member will serve on the board of Groffr
now onwards.

Real estate group buying portal Groffr.com has raised a
Series A funding from Indian Angel Network (IAN). According to IAN, the amount
is under $1 million. The funds will be used to expand Groffr’s services to
other cities in India. Krishna Jha, IAN member will serve on the board of Groffr
now onwards.

Commenting on the use of fresh funding from Indian Angel
Network, Vikhyat Srivastava, co-founder, Groffr.com 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 and doubling the current team size to nearly 50 in the next one year and
also in brand building.”

Launched in 2010 by Sandeep Reddy and Vikhyat Srivastava, Groffr
helps customers in getting attractive price offs on their planned purchases of
Real Estate, Cars and other high value assets. By leveraging the power of group
buying, Groffr allows the customers get lucrative deals from builders in the
primary real estate market. 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. With the Groffr deal, Indian Angel Network’s
investments have now touched 24 startups.

Krishna Jha, 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. The Engineer-MBA duo Sandeep Reddy and
Vikhyat Srivastava bring valuable relevant experience in the real estate
sector.”

Sandeep Reddy, co-founder, Groffr, said, “Groffr has been
able to form a growing community of buyers on its Web 2.0 enabled site. The
buyers have a choice of subscribing to bulk deals negotiated by Groffr or
forming a group for purchasing an asset of their choice by inviting others
looking for similar asset.”

Groffr is also planning to introduce an associate
program called Groffr Associate Program (GAP) that allows users to negotiate
deals with the real estate developers by leveraging their relationships or the
deal size and join Groffr.com platform and look for group of buyers. “We
believe Groffr Associate Program will increase the number of deals coming to Groffr
thus offering wider choice for individual customers as we focus on forming
groups,” Vikhyat Srivastava added.

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