Delhi based Rootefy, a Rootefy International Pvt Ltd, a construction materials marketplace, has raised seed funding from Abhinav Gupta, director at Gurgaon-based real estate firm BNB Group.
Founded by Nitish Gupta and Manish Kishore in April last year, it has recently raised a funding of Rs 1.2 crore (around $187,285). It will use the funds for infrastructure building, technology development, and team expansion, the founders said as per the source VCCircle.
This marks Abhinav’s first investment in a startup which is closely aligned with his work. He is, however, keen on investing in startups in other sectors such as fin-tech as well, he 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,” said Abhinav Gupta.
Rootefy is working to ease the process of construction and consolidate the segregated market for the benefit of customers.
Its products fall 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.
“We have products which not only take us back to nature but give us benefits of future technologies embedded together in addition to the main theme of construction material e-services,” added Kishore, co-founder and chief technology officer, Rootefy.
The company has brought on board prominent brands including Tata, Kirloskar, Havells, and Godrej.
ALSO READ
Japanese Payments Firm AnyPay Debuts In India, Invests In Instamojo
Over the year, Rootefy has built logistics support for deliveries within Delhi NCR and expanded it to over 17,000 pincodes across India.
The company is looking to raise another Rs 20 crore ($3 million) in the next round for expansion, the founders said. It 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 where home building is a more common phenomenon, they added.
Nitish Gupta, who was catapulted to this business from his personal experience while renovating his home, founded Rootefy after graduating from DAV Institute of Engineering and Technology, Jalandhar. Kishore, who has over two years of experience across various sectors, has earlier been associated with companies like HCL and Allsec Technologies.
ALSO READ
World Photography Day: Capturing Moments, One Click At A Time