New Delhi-based online real estate advisor Clicbrics has raised around $3 million in a pre-Series A funding round led by Manny Singh, founder, Kavi Asset Management.
Other investors in the funding round include Peter Mann, fund manager at Gluskin Sheff, a senior managing director of a Canadian pension fund and high net worth individuals from USA and Canada.
Founded in 2017 by Rohit Malik, the platform offers digital solutions for the real estate segment.
Clicbrics will use the funds for expansion by focussing on tier-1 and tier-2 cities, a statement from the company said.
“Clicbrics is an online real estate marketplace aimed to change the experience of consumers and developers alike. Real estate has tremendous opportunities in India, especially after RERA, and our unique technology platform creates a win-win situation for both buyers and sellers,” Malik said.
The artificial intelligence (AI)-powered platform takes a data-driven approach to select the right property for homebuyers and builders provide complete information of the property before sales, the statement added.
“The Clicbrics team has both the real estate experience and the technical vision to win against incumbent players. By bringing brokers, customers, lenders and developers together on one secure platform, Clicbrics is effectively developing a new software ecosystem for how real estate transactions are processed in India,” said Manny Singh, founder, Kavi Asset Management.
In June, real estate brokerage portal Square Yards, backed by Anil Ambani-controlled Reliance Group, had launched an AI-driven solution called Edge, a software-as-a-service (SaaS) offering that aims to empower the sales and distribution functions of real estate players in India and other markets.
Last year in December, Archer Technologies, which owns tech-enabled property startup BuilSupply had raised $3.5 million in a Series A round of funding led by investment firm Venture Highway.