[Funding alert] Proptech startup BuildNext raises $3.5 mn in Pre-Series A round

Kochi-based tech-enabled homebuilder startup, BuildNext has raised $3.5 million in its Pre-Series A equity funding round from Madhumala Ventures, a subsidiary of Pidilite Industries.

 Existing investors-Konglo Ventures, Vineet Kumar from Native, and Deep Gupta from FatEngine, also participated in this round.

The startup plans to use the funds to expand its R&D capabilities and upgrade its virtual reality tech experience centers. It will also use the new capital to expand geographically into new markets including Bengaluru, Chennai and Coimbatore, while strengthening its foothold in existing markets.

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The Kochi-based BuildNext was founded in 2015 by Gopikrishnan V and Finaz Naha, It provides tech-enabled home construction and interior designing services to its clients.

The startup runs a virtual reality-enabled chain of experience centers in Kerala and Telangana. These centers facilitate the customers in determining the type of manufacturing the startup is going to build and also eliminate inefficiencies in the process.

“Our aim is to use our custom technology platform to drive transparency and overcome inefficiencies in the process of constructing and designing a house. We have developed objective parameters to decide how good a home design is and these are put to test again and again every day for continuous improvement”, said, Gopi Krishnan, cofounder and CEO of BuildNext.

The company has received a patent for linking real-time building material prices to virtual reality that helps customers make informed decisions. Apart from this, it has also developed a mobile-based project management app that allows clients to keep an eye on construction activities from anywhere in the world.

The company mainly targets real estate properties which are 1-5 floor single or multi-family residential projects having 1500 sq ft area.

LivSpace, Kraftinn, HomeLane and others are its competitorin the home decor market while it faces competition from like Ivy Homes and YouKraft in the home construction segment.

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About BuildNext

BuildNext offers branded home construction solutions to its customers with the help of robust technology – Virtual Reality to visualize dream home, PRO tools to track construction anytime, anywhere!

BuildNext is an IT-Enabled Home Construction Company headquartered in Kochi. They have Virtual Reality enabled experience centers all over Kerala and in Hyderabad. They are expanding to other parts of the country soon.

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 They offer two main products – (1) Custom Homes and (2) Select Homes. They are future-proof, functional, durable and eco-friendly. Branded new ‘Ready-to-Build’ Select Homes are designed with 100+ functional and aesthetic features. Their designs are customizable and optimized for performance and livability.