24
Aug

Construction materials marketplace Rootefy raises seed funding of … – The News Minute

New Delhi-based construction materials marketplace Rootefy International has raised seed funding of Rs 1.2 crore from Abhinav Gupta, director of Gurgaon-based real estate firm BNB Group, according to a report in VCCircle.

Rootefy will be using the funds to develop its tech, infrastructure building and team expansion.

“Gaining from my experience in the construction industry, I believe that Rootefy will give a kick-start to change the unorganised sector to be an organised one,” Abhinav told VCCircle.

Founded by Nitish Gupta and Manish Kishore in April last year, Rootefy acts as the professional procurement service providers for the construction industry.

It sells products across categories like solar, home automation, electrical, plumbing, bathroom, kitchen tools, safety and security, and building material. It also has products related to horticulture and renewable energy.

Nitish Gupta, co-founder and chief executive, Rootefy told VCCircle that it aims to ease the process of construction and consolidate the segregated market for the benefit of the customers.

The company has counts marquee brands like Tata, Kirloskar, Havells, and Godrej as clients.

Since inception, Rootefy has expanded its logistics support for deliveries from Delhi NCR to over 17,000 pincodes across India.

VCCircle reports that the company is looking to raise another Rs 20 crore ($3 million) in the next round for expansion.

The idea is to establish its position in the west and south first and expand into tier II and III cities.

There have been several building material marketplaces that have emerged over the past two years that have also attracted significant investor interest, as per the report.

Other players include Noida-based business-to-business (B2B) industrial goods marketplace Moglix, Brick2wall Technologies and Bengaluru-based BuildTraders.

Moglix has recently raised $12 million Series B round funding from International Finance Corporation (IFC), the private-sector investment arm of the World Bank, and Silicon Valley-based venture capital fund Rocketship.

It also counts Accel Partners, Jungle Ventures, Venture Highway and former executive of Twitter and Google Shailesh Rao as its investors.

In the same month, Brick2wall Technologies raised $200,000 (Rs 1.3 crore) in an angel round from a clutch of individual investors.

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