Bangalore-based prop-tech startup BricSpaces raised $350,000 in Pre-Seed round from Freshworks cofounder Shan Krishnasamy, serial tech investor Bharat Kapoor from 50k ventures and Eeva developer Vishal and other angels.
The company has come up with AI platform RETTE to provide a seamless experience to its customers and helps them to avoid many challenges that they face during manual selection and discovery.
The startup was incubated as the first prop-tech by Embassy-backed WeWorkLabs. The company claims that it has a unique mode for digital transactions in the real estate sector.
Speaking to the new development, BricSpaces Founder and CEO Madhusudhan A V stated that real estate is highly fragmented and one of the most unorganised sectors in India.
“After choosing 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 digitising using technology backend operations and by transforming day-to-day real estate management into a seamless cloud-based platform, BricSpaces has created a transaction management dashboard that allows from discovery to booking in a single platform. We aim to bring transparency and easy accessibility in the industry,” said Madhusudhan A V.
Currently, listing platforms are only dominated by residential sectors and there is a big need for end-to-end aggregation in real estate. With over 100 years of real estate experience in the core team, currently, startup has understood the pain points of transaction complications especially un-regulated real estate streams like land, plotted development, and warehouses.
RETTE performs the entire cycle of understanding the patterns, requirements and data points to provide relevant suggestions concerning budget, floor plans, property type and more. Hence, delivering the output exactly matching with client’s specific requirements.
BricSpaces is working with more than 1000 channel partners to enable transactions in metros. There is a big need for quicker closures in primary transactions and this is possible using technology and human intelligence. today’s primary sales market is dominated by channel partners and in-house sales teams with builders will be mostly eliminated in the coming days thus increasing the profit margins for the builders.
Within the first year of operations, BricSpaces has closed more than Rs 40 crores of transactions and has pipeline orders worth Rs 80 crore even during the pandemic. With the large market of agent brokerage of $3billion in India annually, BricSpaces wants to be the market leader targeting one-third of the market share in the coming years with aggressive scale using technology.
BricSpaces vision is to digitise the real estate experience. The startup is focused on millennials using the aggregator services in purchasing assets being quicker and transparent.
The pandemic has created a higher need for stability and security that comes with owning assets. BricSpaces plans to scale up its team, which currently has over 20 employees in Bangalore, Chennai, and Mumbai. The company said it plans to add about 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.
