New Delhi-based Rootefy, which runs an online store for construction materials, has announced that it has raised ₹1.2 crore in its seed funding round from Abhinav Gupta.
Abhinav Gupta is a director at Gurgaon-based real estate firm BNB Group. This marks the first investment by Abhinav in a startup. He says that he is keen on investing in startups in real-estate and fin-tech sector.
The newly coming cash will be used by the company for building infrastructure, enhance its product portfolio, further develop its technology, and to hire more people to expand its team.
Commenting on the 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 April last year, the company aims to ease the process of construction and consolidate the segregated market for the benefit of the customers.
Kishore, co-founder and chief technology officer, Rootefy, said,
We have products which not only take us back to nature but give us benefits of future technologies in addition to the main theme of construction material e-services.
The platform sells wide range of products under various categories, including electrical, home automation, plumbing, bathroom, kitchen, tools, safety and security, and building materials. The company is also selling products related to horticulture and solar energy.
Since its launch, the company had been working on building logistics support — an important factor in the e-commerce market. Started from Delhi-NCR, the startup claims to have expanded it to over 17,000 pin codes across India.
Rootefy is looking to raise another ₹20 crore in the next funding, as it plans to further expand its business. It is setting its eyes on securing a dominant position in the western and southern regions of the country initially. Later, the company plans to make inroads in tier II and III cities as well.