Real estate ecommerce platform BuildSupply raises $3.5 million from Venture Highway
BuildSupply plans to expand from its current digital footprint of 50 million square feet to 300 million square feet of real estate projects over the next 18 months.
BuildSupply, an online Saas and real estate ecommerce platform, raised $3.5 million in its Series A round led by Venture Highway, an India and Silicon Valley-based venture capital fund along with Amit Singhal (Ex-Head of Google Search), and existing investors Gree Ventures, Sonny Kalsi (founder of GreenOak Real Estate), the Space Matrix Group and the Co-founders of Livspace.
The company said that it will utilise these funds to expand its reach to the top 1,000 companies in the sector to reinforce its position as the leading technology provider for the real estate and construction industry. BuildSupply is currently present in NCR, Mumbai and Bengaluru, and aims to reach to the top ten metros in India.
Gurugram-based BuildSupply plans to expand its digital footprint from the current 50 million square feet to about 300 million square feet of real estate projects over the next 18 months.
“In an industry that has historically struggled with project delays, cost overruns and leakages in the procurement process, we see a tremendous opportunity to create scalable efficiencies for our customers. 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” said Sameer Nayar, CEO and Founder of BuildSupply.
Founded in 2016, BuildSupply’s software platform helps real estate developers and contractors automate workflows in the development and construction process. This includes processes around budgeting and estimation, tendering, invoicing and billing, resource planning, scheduling and material management.
BuildSupply has 94 projects on its platform currently and its customers include real estate companies like Godrej Properties, Vatika Developers and Embassy Group.
“This investment is in line with our thesis of backing exceptional founding teams in white space areas to create new categories with a long-term competitive advantage. We are delighted to continue supporting them in their next phase of growth”, said Samir Sood, Founder at Venture Highway.
The company also raised a small round of funding in November 2017, from Gree Ventures of Japan.