BuidSupply raises $3.5 million from Venture Highway in series A
BuildSupply, a realty and construction sector-focused online SaaS and e-commerce platform, has raised $3.5 million from Venture Highway, a venture capital fund founded by Samer Sood former Google Inc head of South Asia, Australia – M&A and Investments. The fund counts Neeraj Arora, the global business head at Whatsapp, as an adviser.
The company is planning to use this series A funding to expand its product reach to the Top 10 metros. BuildSupply plans to expand its digital footprint from the current 50 million sq ft to around 300 million sq ft of real estate projects over the next 18 months.
The funding also saw participation from Amit Singhal, former 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.
“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, BuildSupply.
BuildSupply currently has 94 projects with an estimated cost of $1.4 billion, or Rs 10,600 crore, being planned on its platform. Archer Technologies that owns BuildSupply is planning to utilise the funds to expand its reach to the top 1,000 companies in real estate and construction sector.
“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 was founded in 2016 by Nayar, the former head of Real Estate in Asia Pacific at Credit Suisse and Sarit Sethi, a former executive of the EPC firm M+W Group.
It currently has presence in the National Capital Region (NCR), Mumbai and Bengaluru and counts tier-I real estate companies, including Godrej Properties, Vatika Developers and Embassy Group, amongst others as its customers.
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.