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Mobile-based property brokers network BroEx has acquired real-estate technology start-up REXPROP for an undisclosed amount to expand business and provide better products to its clients.
Gurgaon-based REXPROP, or Real Estate Property Exchange, offers solutions such as inventory distribution, broker-to-broker listings and CRM (Customer Relationship Management) for property consultants, agents, brokers and developers.
“We acquired REXPROP as it has some very good products that will complement our business. This is our second acquisition,” BroEx co-founder and CEO Pallav Pandey told PTI.
Earlier this year, BroEx had acquired independent broker company Professional Brokers. It had also tied up with real-estate consultant JLL India’s housing arm for getting access to exclusive deals.
Pandey did not disclose the size of the deal, but said the company is looking for more such acquisitions to expand its business.
REXPROP founder and CEO Sachin Garg will guide the BroEx team over the next three months to assimilate the unique features of the brokers network into BroEx.
“REXPROP has developed innovative offerings around listing management and CRM for real-estate brokers, which compliment BroEx,” Pandey said.
BroEx is being used by more than 1.5 lakh real-estate brokers, he said, adding that this deal will further enhance its offering and cement its position as the go-to software for the brokerage industry.
Garg said: “Real-estate information exchange is a network play and it made sense to join BroEx and get our product in hands of a larger user-base.”
“Leading real-estate portals struggle with the problem of incorrect information posted by brokers, which spoils the experience of the end customer. In contrast, BroEx and other B2B exchanges such as REXPROP have 100 per cent authentic inventory on rental and buy/sell listings,” Pandey said.
BroEx, which had raised $1 million as seed funding, helps real-estate brokers serve their customers better and close deals faster. It also provides inventory information to Fastfox.com, a rental brokerage service by its parent company OkuTech. OkuTech is founded by IIT alumni and funded by LightSpeed Venture Partners.
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