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Mumbai: Oku Tech Pvt. Ltd that operates BroEx, a network of real estate brokers, has raised $1 million in early-stage funding from Lightspeed India, the company said on Friday.

The Gurgaon-based company which was founded in 2014 by Pallav Pandey and Mukul Kumar plans to use the funds to expand into tier I, tier II and tier III cities in India. It is also looking to invest in product development and launching complimentary products and services for brokers to facilitate transactions.

“Real estate in India is a deep and relatively untapped opportunity with a number of unsolved problems. We believe that the company’s mobile-first network model, and being the market’s largest broker network, is a very solid foundation to disrupt the current status quo in the market," said Dev Khare, managing director with Lightspeed India.

The real estate brokerage market in India is currently dominated by 500,000 independent brokers and agencies and generates $4 billion in brokerage fee income for real estate sales and rentals annually, according to company estimates. Further, the fragmented nature of the market restricts the ability of industry stakeholders (brokers, builders, customers) to collaborate effectively.

Many existing solutions in the market aim to replace the broker or capture their brokerage fees.

BroEx allows brokers to tap into a broad network. By connecting and sharing information, including inventory and requirements, within the network, brokers are able to access accurate sale and rental listings as well as close deals faster. The company network is currently being used by 25,000 brokers across Delhi-NCR, Mumbai and Bangalore, and other cities.

Despite the existence of companies like Housing.com, Commonfloor.com, MagicBricks.com and 99acres.com, the company believes that brokers will continue to be pivotal for powering complex and high-value real estate transactions.

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