SUMMARY
Waveform VC, Bharat Founders Fund and angel investors Maninder Gulati from OYO and Sumer Juneja from SoftBank, among others, also participated in the round
Mistry.Store will use the funds to build an end-to-end tech-enabled solution for home interior professionals and homeowners
The startup offers various home construction materials such as wood, plumbing pipes, paints, hardware and electricals, among others
Home construction marketplace Mistry.Store has raised $2 Mn in its seed funding round led by Omidyar Network India.Besides, Waveform VC and Bharat Founders Fund too have participated in the funding round.
The funding round saw participation from angel investors Maninder Gulati- OYO, Vasant Sridhar-OfBusiness, Sumer Juneja-SoftBank, Vikram Chopra-Cars24, Rohit Kapoor- Swiggy, Alok Mittal-Indifi and Sharad Goenka from Globalfaces.
Founded in 2022 by Vaibhav Poddar and Bhanu Mahajan, Mistry.Store offers various home construction materials such as wood, plumbing pipes, paints, hardware, electricals, among others.
Mistry.Store will use the funds to build an end-to-end tech-enabled solution for home interior professionals and homeowners.
“India’s home building material market continues to be fraught with inefficiencies, inflated pricing and severe opacity for end consumers. By addressing these concerns and by empowering the small businesses and independent professionals, Mistry.store aims to organise this large fragmented market through technology,” said Abhirup Sarkar, Omidyar Network India.
Mistry.Store presently sells home construction materials in Delhi NCR region.
“We at Mistry.Store are aiming to simplify the material purchasing journey which is typically led by home interior professionals. While this market is highly organized in western countries, no significant player has emerged yet in the Indian market, owing to local market dynamics,” Poddar said.
According to the startup, the Indian home interiors market is presently over $25 Bn market employing 5 Mn+ professionals. However, the market is facing problems including price opacity, counterfeit products, poor customer service and adhoc professional fees.
Other startups such as Kolo, Interazzo, HomeLane, Spaceler, and Hidecor are also operating in the home interior startup space.
According to a report, the country’s interior design market was pegged at $23.2 Bn in 2020. The sector is estimated to grow to $38.2 Bn by 2027, expanding at a CAGR of 7.4% during the forecast period of 2021-2027.
