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Bengaluru-based BuildTraders, an ecommerce-based building materials trading company, has raised $200K (INR 1.3 Cr) in seed funding from UAE-based Idein Ventures.
The funding will be used to enhance its technology, infrastructure and strengthen its supplier base.
BuildTraders, was launched by Ranjeet Gakhare in April 2016. It aims to make the process of building homes hassle free for both individuals and builders by providing a one-stop solution for curated construction materials procurement.
It is currently working offline in the supply of building materials and materials guidance for construction projects, based on the budget of builders or builder-owners. It is also in the process of expanding in the online space and has been on the lookout for the expansion of its top management team as well.
Yogesh Pawde, head of supply and operations, BuidTraders said, “BuildTraders is building a technology platform, which will provide the best guidance in the process of construction, through reasonable prices and curated quality in building materials segment to the customers. It is also in the process of developing a platform which helps a user virtually construct their house online while simultaneously doing it offline, using BuildTraders materials.”
Idein Ventures is a VC firm that provides funding to emerging startups, entrepreneurs, and small/medium enterprises. In June 2016, real estate startup focussed on landowners and builders, REstate, raised an undisclosed amount in Seed funding from Idein Ventures.
In July 2016, BuildTraders acquired Pune-based property management startup Cozilla in an all-stock deal.
According to an official statement, the ecommerce segment in construction is at a nascent stage in India and has the potential of becoming a $150 Bn industry.
Other startups in the online property management space include Nestaway, Homigo, Zenify and Zocalo. Zenify has also raised $900K in a pre-Series A round.
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