Bangalore-based start-up, Homergize, a technology-based sourcing, and services company, has raised INR 6.5 crore in pre-series A round of funding. The startup was invested by LG Chandraskhar. He is an investor, social entrepreneur and Founder of Sutures India, a medical device company.
Incepted in 2016, the company fosters an E-marketplace and eco-system that promotes efficiency and enhances value in construction, interior design and home-improvement domains. As a tech-augmented consolidator and intermediary between buyers and vendors for a wide spectrum of products ranging from building materials, electricals, flooring, plumbing, safety and security to furnishings and fittings, Homergize is able to offer class-leading pricing and service
On the development, Vinod Kaushik – Co-founder, Homergize, said:
The high GDP growth rate and the regulatory cleanup of the segment make it exciting phase for the construction industry. We believe, technology interventions such as Homergize will go a long way in optimizing construction and enhancement cost, enhancing value across the sector.
He further added that:
We are committed to delivering best in class products at value prices through constant innovation to create an ecosystem that adds value to all stakeholders including consumers, developers, designers, and professionals.
The company offers a supply, ideation and inspiration ecosystem to provide solutions to consumers, developers, designers, and professionals. It enables each constituent enhance its value offering to the end customer, thereby optimizing the entire service and supply chain. Having witnessed significant growth in the Bangalore market, the company plans to expand its services to other cities with a population of over one million.
On the investment, Vinod said:
The current round of funding was raised for enhancing technological capabilities, enabling geographical expansion and to tap new service revenue streams.
The inspiration for Homergize came about when Vinod set out to remodel one of the rooms in his house. It was not the dearth of skilled professionals in the open market that he struggled with; it was rather, the lack of reliable information on the right ones who possessed the skill-sets specific to his requirement.
The entire project was one roller coaster ride with issues around skill level, social skills, punctuality, quality of materials, etc., which further added to the cost and timelines, and impacted the quality of the deliverable.
Homergize’s expansion plans are based on an increased geographical footprint, and on targeting a wider spectrum of Builders, Architects and Contractors, among others. Alongside the website, a mobile app is being developed for easing the purchase process and to provide on-the-tap transaction records and analytics to clients. Also on the anvil are user-friendly tools for estimation and BOQ conversion.