Thursday, October 6, 2022
HomeInsightFunding Alert Home Construction app Kolo raises $4 mn led by RTP Global

[Funding alert] Home Construction app Kolo raises $4 mn led by RTP Global

Home Construction app Kolo
Home Construction app Kolo

Kolo, a Home construction marketplace platform has raised $4 million in its series A funding round from global VC firm RTP Global and existing investor Better Capital.

The fund will help fuel the company’s continued growth, enhance consumer-side product offerings including a content-recommendation engine, community offering, digital portfolio and tools for professionals, and expand its presence across India, the company said in a statement.

The Singapore-based Kolo was founded in 2020 by Jery Althaf, Pranav Garg, Aayush Sharda, and Vivek Mittal, It is a content-community mobile app for homeowners to build their dream home and enables construction providers and brands to build a digital presence and capture opportunities from homeowners.

“Two key consumer behaviour trends that drive our growth. Firstly, consumers want to be involved in their renovation projects given the amount of money they spend and since the decision has a lasting impact on how they live. Previously they didn’t have avenues to learn about the choices except for their immediate relatives or friends”, said, Jery Althaf, Co-Founder of Kolo.

“Secondly, the influence of the media in driving transaction decisions. From coming up with suggestions, to choosing the service provider based on photos/videos and learning about different roofing options they have, content informs and provides transparency hence puts power in the hands of the consumer”, he added.

“We aim to disrupt the space using technology, building content-based mobile first solutions to democratise information and creating a one stop solution for homeowners, service professionals and building material providers”, said, Vivek Mittal, Co-Founder of Kolo.

The platform’s app allows homeowners to look for design ideas to get inspired, learn about them, and do the same with the professionals.

The company helps build a digital portfolio, share your work videos/photos/expertise with home owners and other professionals and get opportunities.

The company said they saw a tenfold increase from previous fundraising and what started in Kerala has now expanded to include Delhi, Madhya Pradesh and Rajasthan.

“Kolo has taken a customer-first approach to India’s massive home construction market & has demonstrated tremendous traction in a short period of time. We invested at the idea stage & have been impressed with the quality of execution of the Kolo team and have doubled down with a large check in this well-deserved Seed round”, said, Vaibhav Domkundwar, CEO and founder of Better Capital.

“We believe that home renovation is a long process and consumers want to play an active role in decision making. While on the other side service providers have found it hard to showcase their work to prospective homeowners. Kolo solves this problem with their content to commerce model. The market need coupled with the founders’ vision and execution made it a no-brainer for us to invest in Kolo”, said, MadhurMakkar of RTP Global.

In September 2021, Kolo has raised $550K in its pre-seed funding round from Better Capital.

About Kolo

Kolo is India’s largest home construction/renovation app. They help to find home designs, services and materials during home construction/renovation.

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