BuildSupply bags $3.5 million funding in Series A round
BuildSupply has successfully raised $3.5 MM (Rs.25 crore) in its Series A round to significantly expand its product reach to the Top 10 metros. The company 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.
This round of funding for BuildSupply (Archer Technologies Pvt. Ltd) was led by Venture Highway, an India and Silicon Valley-based venture capital fund founded by ex-Googler Samir Sood and advised by Neeraj Arora, the global Business Head at WhatsApp. It also saw participation from Amit Singhal (Ex- Head of Google search), existing investors Gree Ventures, Sonny Kalsi, Founder of GreenOak Real Estate, the Space Matrix Group and the Co-Founders of Livspace.
The company will utilize the funds to expand its reach to the top 1,000 companies in the sector and to reinforce its position as the leading technology provider for the real estate and construction industry.
Founded in 2016 by Sameer Nayar, the former Head of Real Estate in Asia-Pacific, Credit Suisse, and Sarit Sethi, a former executive of the EPC firm M+W Group, BuildSupply currently has presence in the National Capital Region (NCR), Mumbai and Bengaluru and counts top tier real estate companies like Godrej Properties, Vatika Developers and Embassy Group amongst others as its customers.
“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 & Founder.
BuildSupply’s software platform helps real-estate developers and contractors automate the workflows in the development and construction process. This includes processes around budgeting & estimation, tendering, invoicing and billing, resource planning, scheduling and material management. The entire procurement process for projects can be managed online in a transparent manner helping plug leakages and achieve the most efficient pricing.
With a vision to create a comprehensive ecosystem of software, e-commerce and finance for the real estate and construction vertical, the company aims to become a one-stop shop solution for the sector.