Proptech Startup BricSpaces Raises Funding $350K From Angel Investors
- ByStartupStory | May 20, 2021
Proptech startup BricSpaces raises funding $350K, which caters to end-to-end real estate streams with digital transactions, in a pre-seed round. Incubated by Embassy-backed WeWorkLabs, BricSpaces raises funding from marquee unicorn Co-founder of Freshworks, Shan Krishnasamy; serial tech investor Bharat Kapoor from 50k Ventures; and Eeva developer Vishal, with other angels. BricSpaces raises funding to scale up its team, which currently has over 20 employees in Bengaluru, Chennai, and Mumbai.
“Real estate is highly fragmented and one of the most unorganised sectors in India. Post discovery of the property, there is a major challenge in distribution of real estate, which broadly caters to match-making the right product, legal clearances, contract reviews, negotiations, and payments.” Madhusudhan AV, Founder and CEO, BricSpaces, said regarding the BricSpaces raises funding.
Within the first year of operations, BricSpaces claims to have closed more than Rs 40 crore of transactions and has pipeline orders worth Rs 80 crore even during the pandemic. With a large market of agent brokerage of $3 billion in India annually, BricSpaces wants to be a market leader, targeting one-third of the market share in the coming years with aggressive scale using technology.
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