Gurugram-based proptech startup BuildSupply, owned by Archer Technologies, has raised $3.5 Mn (INR 25 Cr) in its Series A round, led by Delhi-based venture capital company, Venture Highway.
The round also included participation from the former head of Google Search, Amit Singhal, along with the startup’s existing investors such as GREE Ventures, GreenOak founder Sonny Kalsi, the Space Matrix Group, and the cofounders of Livspace, Anuj Srivastava, and Ramakant Sharma.
BuildSupply was launched in 2016 by Sameer Nayar. It offers a SaaS-based ecommerce platform which helps in automation of the development and construction of buildings and infrastructure projects such as budgeting and estimation, tendering, invoicing and billing, resource planning, scheduling, and material management.
Currently, it has presence across the National Capital Region (NCR), Mumbai and Bengaluru. It also counts some real estate companies like Godrej Properties, Vatika Developers and Embassy Group as its customers. At present, it is working on 94 projects with an estimated cost of $1.4 Bn (INR 10,600 Cr) being planned on its platform.
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In a conversation with Inc42, BuildSupply CEO Nayar said that after the company’s current round of expansion, it will look to establish its presence in mid-tier cities.
Earlier this year, the startup had entered into an alliance called ‘Built World Technology Alliance’ with many companies such as S. Sriniwasan (Kotak), Ashish Khandelia (Certus Capital), Sameer Nayar (BuildSupply), Raja Seetharaman (Propstack), Anuj Nangpal (JLL Spark), Sidharth Menda (CoWrks), and others to develop the real estate space in India.
According to the platform, these fresh funds will be used to expand its product reach to the top 10 metros in the country.
It is also looking to expand its digital footprint to 300 Mn sq ft within the next 18 months from the current 50 Mn sq ft of real estate projects.
Sameer Nayar, CEO and founder said, “We will use the funds to accelerate our sales and tech hiring, expand our product portfolio and provide state of the art procurement and financing solutions for our customers”.
The platform had raised an undisclosed amount of funding in 2017 from GREE Ventures to expand its product and tech team.
According to reports, India has been one of the most dynamic proptech markets in the Asia Pacific region.
It also stated that the Indian real estate market is expected to contribute 15% of the nation’s GDP by 2030.