BricSpaces funding

bricspaces funding

Bengaluru-based proptech startup BricSpaces announced that it has raised $350,000 in a pre-seed round.

Incubated by Embassy-backed WeWorkLabs, the startup received 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.

Madhusudhan AV, Founder and CEO, BricSpaces, said, “Real estate is highly fragmented and one of the most unorganized sectors in India. Post discovery of the property, there is a major challenge in the distribution of real estate, which broadly caters to match-making the right product, legal clearances, contract reviews, negotiations, and payments.”

“By digitizing backend operations and by transforming day-to-day real estate management into a seamless cloud-based platform, we have created a transaction management dashboard that allows from discovery to booking on a single platform. We aim to bring transparency and easy accessibility in the industry,” Madhusudhan added.

The startup is operating with over 1,000 channel partners to facilitate the transactions in metros.

Within the first year of operations, BricSpaces boasts to have settled more than Rs 40 crore of transactions and has pipeline orders worth Rs 80 crore even during the pandemic. With a huge 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 disruptive scale using technology.

bricspace funding

The startup is centered on millennials using the aggregator services in purchasing assets being faster and transparent. 

With this funding, BricSpaces intends to strengthen its team, which presently has over 20 employees in Bengaluru, Chennai, and Mumbai. The company stated it is looking to add around 30 employees across different metros and take the total team size to 60 people by the end of the year. The company is currently hiring product engineers.

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