Indian prop-tech startup BuildNext has raised a Pre-Series A funding round of $3.5 million to expand its R&D capabilities and upgrade its VR experience centers. Madhumala Ventures, a subsidiary of Pidilite Industries, led the round that also saw participation from existing investors – Konglo Ventures, Vineet Kumar from Native, and Deep Gupta from FatEngine.
Apart from using the funding to strengthen its foothold in its existing markets, the company aims to rapidly expand to new ones, such as Bengaluru, Chennai, and Coimbatore.
BuildNext was founded in 2015 by two IIM Bangalore graduates-Gopikrishnan V and Finaz Naha, to offer tech-enabled home construction and interior designing services. The company runs a chain of virtual reality experience centers across Kerala and Telangana to help customers determine the construction type and processes and eliminate any inefficiencies.
“Our aim is to use our custom technology platform to drive transparency and overcome inefficiencies in the process of constructing and designing a house,” said Gopi Krishnan, co-founder, and CEO of BuildNext.
The company has received a patent for linking real-time construction material prices to virtual reality, enabling its customers to make better, informed decisions. It also offers a mobile-based project management app to help its customers keep an eye on construction activities remotely.
The startup mainly undertakes real estate projects that are one to five-floor single or multi-family dwellings with over 1500 sq ft of area.
BuildNext is directly competing with several companies in the market, such as LivSpace, Kraftinn, and HomeLane in the home decor segment and Ivy Homes and YouKraft in the construction sector.
India’s realty market is expected to grow from $200 billion in 2021 to $1 trillion by 2030. Moreover, according to a report, the proptech industry will likely receive investments up to $1 billion by 2025.
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