Kochi: A Kochi-based tech homebuilder has raised $3.5 million (approximately Rs 280 crore). BuildNext, best known for its IT-based home building solutions, has secured a significant funding round in a “pre-Series A” round led by Madhumala Ventures, a wholly-owned subsidiary of Pidilite Industries. BuildNext has also received funding from existing investors Konglo Ventures, Vineet Kumar (CEO, Native) and Deep Gupta (FatEngine).
Launched in 2015 by IIM Bangalore alumni, Gopikrishnan V and Finaz Naha, BuildNext will use funds from the latest funding round to further expand its research and development capabilities and upgrade its virtual reality technology experience center. It will also expand into new markets Bengaluru, Chennai and Coimbatore, while strengthening its foothold in existing markets.
“We are delighted to have Pidilite as one of our key investors. Our goal is to use our bespoke technology platform to increase transparency and overcome inefficiencies throughout the process of building and designing homes. We are designing and building better homes Significant progress has been made in research in the field. We have developed objective parameters to determine how well a home is designed, and these parameters are tested again and again every day for continuous improvement. With decades of leadership in the field, Pidilite Guidance on this journey will be a great asset for us, said BuildNext CEO Gopi Krishnan.
Finaz Naha, COO of BuildNext, said Pidilite’s trust in them greatly strengthens their vision and plans. “These funds will help us build a strong presence in South India and help us achieve our goal of adding more than 1,000 homes to our current portfolio,” Naha said.
“BuildNext’s vision of using technology to improve customer experience has the potential to transform the home building market,” said Apurva Parekh, executive director of Pidilite Industries, explaining why it chose to back the Kochi-based company.
BuildNext’s IT-enabled construction and interior services leverage a wide range of in-house tools and techniques for visualization, estimating, product selection, procurement, budget control, project tracking. It operates a chain of inventory-free, VR-enabled experience centers in Kerala and Telangana. This helps clients visualize exactly what they’re going to build and eliminate inefficiencies. The company also holds a patent for linking real-time material prices to VR, enabling customers to make informed decisions quickly.
BuildNext has also built its own project management app that allows customers to track construction from anywhere in the world via a mobile app. Customers can also get daily activity summaries at their workplaces.
BuildNext identified its target market as 1- to 5-story single- or multi-family residential projects, each measuring 1,500 square feet. The company provides clients with a premium architectural experience from design to delivery, including full customization, VR walkthroughs, and ergonomics and aesthetics for everyday activities.