SUMMARY
The Investment Will Go Into Enhancing The Company’s Tech Stack And Expanding Its Geographical Reach
Bengaluru-based services marketplace Homergize has raised $1 Mn (INR 6.5 Cr) Pre-Series A funding. The startup brings professionals like architects, interior designers, landscape architects and contractors onto a single platform to cater to all construction and remodeling needs of customers and businesses.
The funding was raised from LG Chandrasekhar, founder and Chairman of medical device company, Sutures India. With the newly-secured investment, Homergize will focus on enhancing its technological capabilities, enabling geographical expansion and tapping new service revenue streams.
The Pre-Series A funding will be used to finance the company’s new projects, including user-friendly tools for estimation and BOQ conversion. The services markerplace is also developing a mobile app for easing the purchase process and to provide on-the-tap transaction records and analytics to clients.
Commenting on the development, Homergize co-founder Vinod Kaushik said, “The high GDP growth rate and the regulatory cleanup of the segment make it exciting phase for the construction industry. We believe, technology interventions such as Homergize will go a long way in optimizing construction and enhancement cost, enhancing value across the sector. We are committed to delivering best in class products at value prices through constant innovation to create an ecosystem that adds value to all stakeholders including consumers, developers, designers and professionals.”
Founded in 2016, Homergize is a services marketplace that fosters an ecosystem based on efficiency and value enhancement in construction, interior design and home-improvement domains. According to Vinod, the company serves as a tech-augmented consolidator and intermediary between buyers and vendors across a wide spectrum from building materials, electricals, flooring, plumbing, safety and security to furnishings and fitting.
The company offers a supply, ideation and inspiration ecosystem to consumers, developers, designers and professionals. Having witnessed significant growth in the Bengaluru market, Homergize now plans to expand its services to other cities with a population of over 1 Mn.
In the hyperlocal services market for interior designing, construction and remodeling, Homegize currently competes with such players as UrbanClap, Housejoy, and Quikr. The new investment will allow the services marketplace to thwart competition by reaching a wider class of builders, architects and contractors, among others.
