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Indian Angel Network buys GrOffr.com

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CIOL Bureau
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MUMBAI, INDIA: India’s the most complete player in the early stage entrepreneurial ecosystem, Indian Angel Network, today said that it has invested under US$1 mn in a real estate group, buying pioneer GrOffr.com. The ‘Series — A’ funding will help GrOffr to expand to other cities in India.

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Co-founded in 2010 by management school classmates and colleagues at a large financial services firm, 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, said a press release.

Commenting on the investment in GrOffr, 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.”

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IAN investors invest in ventures that have uniquely differentiated propositions, high-quality execution teams and large markets.

With the GrOffr deal, Indian Angel Network’s investments have now touched 24. IAN counts among its members successful entrepreneurs and dynamic CEOs who are passionate about entrepreneurship and are keen to leverage their strategic advice and large networks to build world-class companies.

Sharing GrOffr’s track record and in-depth knowledge of the real estate sector and extensive relationships across developers, co-founder Sandeep Reddy said, “GrOffr has been able to form a growing community of buyers on its Web 2.0-enabled site — GrOffr.com. 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.”

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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.”

GrOffr’s 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.

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