Mistry.Store, India’s first organised and emerging home interior building material platform, announced a $2 million seed funding round led by Omidyar Network India, an impact investment firm.
The round was also attended by Waveform VC and Bharat Founders Fund, as well as notable angel investors such as Maninder Gulati (OYO), Vasant Sridhar (Co-founder, OfBusiness), Sumer Juneja (Managing Partner, SoftBank), Vikram Chopra (Founder, Cars24), Rohit Kapoor (CEO, Swiggy), Alok Mittal (Founder, Indifi), and Sharad Goenka (COO, 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 by empowering the small businesses and independent professionals who are at the heart of the industry, Mistry.store aims to organise this large fragmented market through technology. In doing so, it will create 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.”
In India, the home interiors industry employs over five million people and is worth more than $25 billion. However, the market remains extremely fragmented, with issues such as price opacity, counterfeit goods, poor customer service, and ad hoc professional fees. Mistry.Store will use the funds to revolutionise home-building material purchases by developing an end-to-end tech-enabled solution for home interior professionals and their homeowner customers.
The platform’s primary goal is to enable home interior professionals such as architects, interior decorators, contractors, and others to obtain affordable and high-quality building materials on behalf of their clients. The company is currently focused on the Delhi and NCR region.
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