Kochi Tech Home Builder BuildNext Raises $3.5M in Funding | Economic news

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Kochi: A Kochi-based tech-enabled homebuilder has raised $3.5 million (about Rs 28 crore) in funding. BuildNext, known for its IT-based home building solutions, has won the huge amount of “Pre-Series A” funding led by Pidilite Industries’ wholly owned subsidiary – Madhumala Ventures. BuildNext has also secured funding from existing investors Konglo Ventures, Vineet Kumar (CEO, Native) and Deep Gupta (FatEngine), among others.

Launched by IIM Bangalore alumni Gopikrishnan V and Finaz Naha in 2015, BuildNext will use capital from the latest round of funding to expand its R&D capabilities and upgrade its virtual reality technology experience centers. It will also expand into new markets, Bengaluru, Chennai and Coimbatore, while strengthening its presence in its existing markets.

“We are thrilled to have Pidilite as one of our lead investors. Our goal is to use our custom technology platform to drive transparency and overcome inefficiencies throughout the building and design process. a home. We have made significant progress in research into designing and building better homes. We have developed objective parameters for deciding the quality of a home design and these are still being tested and again every day for continuous improvement. With decades of leadership in space, Pidilite’s guidance on this journey will be a huge asset to us and will allow us to move forward with confidence,” said Gopi Krishnan, CEO from BuildNext.

Finaz Naha, COO, BuildNext, said Pidilite’s confidence in them was a strong reinforcement of their vision and plans. “These funds will help us establish a strong presence in South India and help us achieve our goal of adding over 1,000 homes to our current portfolio,” Naha said.

Explaining why they chose to support the Kochi-based company, Apurva Parekh, Executive Director of Pidilite Industries, said, “BuildNext’s vision of using technology to improve customer experience has the potential to transform the construction of houses.

BuildNext’s enabled construction and interior IT service leverages a range of in-house tools and technologies for visualization, estimating, product selection, procurement, budget control and project tracking. It runs a chain of VR-enabled, inventory-free Experience Centers across Kerala and Telangana. This helps customers visualize exactly what they are going to build and eliminates inefficiencies. The company also holds a patent to link real-time material prices to virtual reality, enabling customers to make quick and informed decisions.

BuildNext has also built its own project management app which is available for customers to track construction from anywhere in the world via a mobile app. Customers also receive daily summaries of activities on their jobsite.

BuildNext identifies its target market as single or multi-family 1-5 story residential projects starting at 1500 square feet of square footage per home. The company provides a premium building experience for customers, from design to delivery, including full customization, virtual tours, and ergonomic and aesthetic designs for everyday activities.

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