- Proptech startup BuildNext has raised $3.5 Mn funding.
- BuildNext got a patent for enabling customers to make informed decisions about construction materials based on real-time pricing information.
- In the home decor market, BuildNext competes with the LivSpace, Kraftinn, and HomeLane.
Proptech startup BuildNext has raised $3.5 Mn funding. The startup raised this funding in Pre-Series A round through equity financing led by Madhumala Ventures, a subsidiary of Pidilite Industries.
BuildNext’s existing investors-Konglo Ventures, Vineet Kumar from Native, and Deep Gupta from FatEngine have participated in the round.
It plans to use these funds in expanding its R&D capabilities and upgrading its virtual reality tech experience centres. Even it plans to expand geographically to newer markets including Bengaluru, Chennai, and Coimbatore while strengthening its foothold in existing ones.
BuildNext is a Kochi-based startup that offers tech-enabled home construction and interior designing services to customers. It was founded by two IIM Bangalore graduates-Gopikrishnan V and Finaz Naha in 2015. In Kerala and Telangana, it operates a chain of experience centres with virtual reality capabilities.
These centres enable customers to determine the type of construction the startup is going to do and also, reduce inefficiencies in the process.
Talking about the funding, The co-founder and CEO of BuildNext, Gopi Krishnan, said “In the process of constructing and designing a house, we aim to reduce inefficiencies and drive transparency. To continuously improve a home design, we have developed objective parameters that are put to the test each day.”
BuildNext got a patent for enabling customers to make informed decisions about construction materials based on real-time pricing information. Furthermore, the company has developed a mobile project management app that lets customers monitor construction activities from anywhere. This app provides daily updates on construction activities.
The start-up focuses on residential projects with 1500 square feet of space and is on one to five floors.
In the home decor market, BuildNext competes with the LivSpace, Kraftinn, and HomeLane. Talking about the home construction segment, it competes with startups like Ivy Homes and YouKraft.
In 2030, the Indian real estate market is expected to reach $1Tn, which was at $200 Bn in 2021. It is estimated that up to $1 billion will be invested in the proptech industry by 2025, according to a report.
Some of the leading companies are expected to grab investors’ attention with their new technologies including AI, VR, and IoT.
Recently, some of the proptech startups like Ivy Homes, Kolo, and YOUKRAFT have bagged investments in the home decorations and construction industry.
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