Fund Raising || Pro-Bono || Legal & Compliance; Contracts and Terms
IndianRealtyExchange & LIFTOFF founders go back many years. IRX as it was popularly know aggregates real estate brokers and tags them to the properties they were managing. Both founders have been in discussion through the period IRX was being conceptualized, developed and evolved. Quips LIFTOFF founder Nishant, that the first time we discussed the idea, at a Starbucks it was difficult for us to understand how IRX will evolve. As the concept sprung to life, Nishant was all praise for Vikram derived from the initial idea.
Setting up a new startup is always full of challenges. Getting a team together, looking for ideas and funds the story of strong startups like IRX who usually fall into the underrated category. With a very capable team, brought together by the idea and getting all check boxes ticked on the tech and performance side the going remains tough. The overall impact from the downfall of a well funded real estate through 2015 meant no funds reached realty startups.
LIFTOFF worked directly at the founders level on need basis. The discussions revolved around the Fund Raising, Pitch Decks, Business plans, Legal and networking benefits.
IRX crowdfunded and boot strapped its way to a steady growth. Meeting after meeting no large funds committed to the program and everyone gave them new direction which may not have been to the benefit of the original idea. Though the period, IRX held nerve and managed small gains and wins when everyone faced the heat.
IRX was identified as a great concept and the stamp of approval came through as it was acquired by Quikr as it hit the Unicorn status. An idea that sold early and could have deployed a lot more value if the market understood the underlying value.