New Delhi-based construction materials marketplace Rootefy, has raised Rs 1.2 crore as seed funding from Abhinav Gupta, director at Gurgaon-based real estate firm BNB Group.
According to VCCircle report, Drishti Pahwa and Adhiraj Mehra of investment bank AMDP Advisors led the transaction under their startup advisory brand called ‘Moolah’.
The company will use the proceeds for infrastructure building, technology development, and team expansion.
The firm also aims to focus on establishing its position in the western and southern region of the country initially and will make inroads in tier II and III cities.
On his first such investment, Abhinav Gupta said, “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.”
Founded by Nitish Gupta and Manish Kishore in 2016, B2B/B2C Rootefy, is the sister concern of a leading builder company, BNB Group. After having a strong presence in the real estate market and builder segment, the owners of BNB Group along with e-commerce professionals have decided to venture into the construction materials market both at the offline and online platforms.
Rootefy provides services under various categories including solar, home automation, electrical, plumbing, bathroom, kitchen tools, safety and security, and building material. Besides, it also has products related to horticulture and renewable energy.
The company has brought on board prominent brands including Tata, Kirloskar, Havells, and Godrej. New Brand Recognitions for Cost Optimization, Construction Consultancy, Managing quality supply from various vendors and Transparent Operation Cycle are some of the fields in which, the firm looks to gain an edge over other players.
“Rootefy aims to ease the process of construction and consolidate the segregated market for the benefit of the customers,” said Nitish Gupta, co-founder and CEO, Rootefy.
The firm competes with the likes of Power2SME, Industrybuying, Amazon, Tolexo, Omnikart, including several others, while BuildTraders, Supplified and MOGLILABS Pvt. Ltd are some of the leading players in the construction material marketplace ecosystem.