Property Tech start-up BuildSupply has announced that they have raised an undisclosed amount for its Pre-Series A financing round led by Gree Ventures, a Japanese Tech Venture fund.
BuildSupply is an advanced ERP system for the Real Estate and Construction industry, which aims to bring about standardization and transparency in the Real Estate Development and Construction processes.
"Real Estate and Construction is one of the largest industries in India with a tremendous multiplier effect. Our product allows for companies to create tremendous scale and operational efficiency. It can help create cost savings of 8-10% in a single project" Sameer Nayar, Founder of BuildSupply said.
The company was founded by Sameer Nayar (ex-Head of Credit Suisse Real Estate, Asia-Pac), NipunYadvinder and Sarit Sethi and the team began their journey in April, 2016 and launched the product earlier this year. The recent investment round will enable BuildSupply to expand their product and tech team and establish a base across all major metros.
It is an easy to adopt, functional solution and has been used by leading companies like Godrej Properties Limited, SARE Homes and Nelson India.
"While India is on a solid path to be the largest construction market globally, internally the real-estate developers, both private and public, face tough challenges in cost estimation, transparent procurement, and vendor management. BuildSupply's solution is coming at an opportune time, leveraging on the GST and RERA frameworks, to solve these key challenges for the industry," Nikhil Kapur, Senior Investment Manager at Gree said.
PropTech as a sector has attracted tremendous interest in the US in the past few years. I expect investments in this sector to increase dramatically in India as well. I have known and worked with Sameer for a long time and am very confident of his abilities to solve some of the most intractable problems for this industry, Sonny Kalsi, Founder at GreenOak Real Estate and Member of the Board of Directors at Oberoi Realty said.
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