The Weekend Leader – Kochi-based Homebuilder BuildNext raises $3.5 million in funding

A jubilant Team BuildNext poses for a photo

BuildNext, a Kochi based tech-enabled homebuilder started by IIM Bangalore alumni, Gopi Krishnan V and Finaz Naha, has raised $3.5 million in a ‘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.

The company announced that it would use the capital from the latest round of funding to further 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 foothold in its existing markets.

“We are excited to have Pidilite as one of our key investors. Our aim is to use our custom technology platform to drive transparency and overcome inefficiencies in the entire process of constructing and designing a house,” said Gopi Krishnan, Co-founder and CEO, BuildNext.

Gopi Krishnan, Co-founder, BuildNext

“We have made significant progress in research about designing and building better homes. We have developed objective parameters to decide how good a home design is and these are put to the test again and again every day for continuous improvement.

“With decades of leadership in the space, Pidilite’s guidance on this journey will be a huge asset for us and will enable us to move ahead with confidence.”

Gopi is a B.Arch graduate from IIT Kharagpur who went on to complete his MBA from IIM Bangalore. He has extensive experience in affordable housing, architecture, real estate and retailing.

Finaz Naha, Co-founder and COO, BuildNext, added, “Pidilite’s faith in us is a strong reinforcement of our vision and plans. These funds will help us establish a strong presence in South India, and help us achieve our goal of adding 1000+ homes to our current portfolio.” Finaz graduated from NIT Calicut with a B.Tech in Computer Science and went on to do his MBA from IIM Bangalore.

BuildNext’s IT – Enabled construction and interior service leverages a breadth of in-house tools and technologies for visualization, estimation, product selection, procurement, budget control, project tracking.

It runs an inventory-less, Virtual Reality enabled chain of Experience Centers across Kerala and Telangana. The company also has a patent for linking real time material prices to VR, which enables customers to make quick and informed decisions.

BuildNext has also built its own project management application which is available for customers to track the construction from anywhere in the world via a mobile app. The customers also get daily summaries of activities at their work site.

Finaz Naha, Co-founder, BuildNext

Apurva Parekh, Executive Director, Pidilite Industries said, “We are happy to back BuildNext and be a part of their growth story. BuildNext’s a vision to use technology to improve customer experience has the potential to transform the home construction market.”

BuildNext identifies its target market as 1-5 floor single or multi-family residential projects starting at 1500 sqft in area per home. BuildNext offers premium building experience to customers right from design to handover, including complete customization, VR walkthroughs, and ergonomic and aesthetic designs for day-to-day activities

Started in 2015, BuildNext Constructions Solutions Pvt Ltd, started providing branded home building solutions to customers in Kerala and Hyderabad since November 2019. The company closed the last financial year with a GTV (Gross Transaction Value) of Rs 18 crore. – TWL Bureau

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