Tuesday, November 29, 2022
Outlook.com
Outlook India
Outlook Business
+

Mistry.Store raises $2 million in seed funding led by Omidyar Network India

Waveform VC and Bharat Founders Fund also participated in the funding round for the digital-first home interior materials platform

Mistry.Store raises $2 million in seed funding led by Omidyar Network India
Vaibhav Poddar and Bhanu Mahajan, co-founders of Mistry.Store
POSTED ON October 19, 2022 7:06 PM

Home interior building material platform Mistry.Store has raised $2 million in a seed funding round led by Omidyar Network India.

Waveform VC and Bharat Founders Fund along with marquee angel investors including OYO’s Maninder Gulati, Vasant Sridhar, co-founder of OfBusiness, Sumer Juneja, managing partner of SoftBank, Vikram Chopra, founder of Cars24, Rohit Kapoor, chief executive officer of Swiggy, Alok Mittal, founder of Indifi and Sharad Goenka, chief operating officer of Globalfaces. 

Speaking about the investment Abhirup Sarkar, Omidyar Network India, said, “The home building material market in India continues to be fraught with inefficiencies, inflated pricing and severe opacity for end consumers. By addressing these concerns and empowering the small businesses and independent professionals at the heart of the industry, Mistry.store aims to organise this largely fragmented market through technology. In doing so, it will create a significant positive impact on these businesses and professionals by helping them access a wider range of quality products, augment their incomes through increased business and also deliver an enhanced value proposition to their end customers.”

Founded by Vaibhav Poddar and Bhanu Mahajan in 2022, Mistry.Store is a platform that attempts to simplify homeowners' purchase of building material. The start-up will use the funding to create an end-to-end tech-enabled solution for home interior professionals and their homeowner customers.

Home interiors is over $25 billion market in India, employing over five million professionals. However, it continues to be extremely fragmented with problems like price opacity, counterfeit products, poor customer service and ad-hoc professional fees. 

Mistry.Store is primarily focused on enabling home interior professionals like architects, interior decorators, contractors, etc., to procure affordable and high-quality building materials on behalf of their customers. At present, the company is focused on Delhi and NCR region.

Speaking about the fundraise, Mistry.Store’s founder Poddar said, "Renovating or building your home in India is always an expensive and tiresome experience. We aim to simplify the material purchasing journey that home interior professionals typically lead. While this market is highly organised in western countries, no significant player has emerged yet in India, owing to local market dynamics. We aim to keep the home interior professionals our 'north-star' and create a community and an ecosystem to improve their business and personal outcomes.” 

Co-founder Mahajan added, “Besides convenience and trust, we help the professionals get extra income too. We are the first platform for professionals that not just ensures the best deals but also enhances their knowledge and productivity.”

  • Related Articles

    According to the TeamLease EdTech report, 23 per cent of e-commerce and technology start-ups were willing to hire freshers in July to December 2022 as compared to the same period last year

    Intent for hiring freshers in India Inc surges by 12 per cent

    In India, VC investment dropped more than 50 per cent—from $7.5 billion to $2.6 billion quarter-over-quarter

    VC investment in Asia falls for the third straight quarter in Q3’22, sinking to $21.7 billion

    Progcap secured $40 million in June 2022

    Supply Chain Start-up Progcap Raises $50 Million