Gurgaon-based Archer Technologies Pvt. Ltd, which owns tech-enabled property startup BuildSupply, has raised an undisclosed amount in its pre-Series A financing round.
The round was led by GREE Ventures, a Singapore-based venture capital fund, with participation from Venture Highway, a fund advised by Neeraj Arora, global head of business at WhatsApp; Sonny Kalsi, founder of GreenOak Real Estate and Sameer Brij Verma of Nexus Partners, among others, BuildSupply said in a statement.
The startup will use the funds to expand its product and tech team and establish a base across major metros, it said.
The company was founded last year by Sameer Nayar, a former executive of Credit Suisse Real Estate; Nipun Yadvinder, who previously worked with Snapdeal and PayU India and Sarit Sethi, a former executive of construction firm M+W Group.
“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,†said Nikhil Kapur, senior investment manager at GREE.
BuildSupply offers an enterprise resource planning (ERP) system for the real estate and construction industry.
The startup’s clients include Godrej Properties, SARE Homes and Nelson India.
"Real estate and construction is one of the largest industries in India with a tremendous multiplier effect. The government intends to dramatically increase the scale and size of affordable housing, smart cities and general infrastructure. 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" said Nayar.
Last month, end-to-end property management startup Reniso raised an undisclosed amount of seed funding from a consortium of high-net-worth individuals.
In June this year, Bengaluru-based Shorebird Technologies Pvt. Ltd, which operates travel ERP platform Tripeur, had secured an undisclosed amount in seed funding led by Grace Grace Techno Ventures LLP.
In March, Bengaluru-based Property Share secured investment led by Japanese venture capital investor Asuka Holdings, with participation from existing investors Pravega Ventures and Beenext.