Mohit Goel invests USD 1 million as seed funding in e-commerce portal, Supplified.com
Mohit Goel, the promoter of Realty firm Omaxe has started an e-commerce portal, Supplified.com and has also made investment in the startup in his personal capacity. Mohit has invested USD 1 million as seed funding to market construction materials. The startup was founded few months back by Goel and SPR Buildtech Director Nalin Saluja. The startup aims to tap huge opportunity in the unorganized construction materials market.
Supplified sells raw material as well as finished goods ranging from cement, steel, doors, paints, water purifiers, tiles, building cleaning and maintenance supplies, plants and home decor, among others. The startup is currently operational in the Delhi-NCR region. It has already recorded a monthly sale of Rs 50 lakh last month. The growth has been significant , with sales of Rs 5 lakh in November, Rs 11 lakh in December, Rs 22 lakh in January and Rs 50 lakh in February. Goel says that Delhi NCR is a great market for realty and construction.
“We have been operating in Delhi NCR markets for the last few months and the initial response that we have received is very encouraging. Hence, we are now entering two new cities — Chandigarh and Ludhiana,” Goel said, adding that these cities are good markets from the realty and construction point of view.
Goel has said that the founders have bootstrapped the start-up in their personal capacity with their own fund of 1 million dollar. The startup aims to solve procurement problems of both retail buyers and SME contractors and builders. The total size of the construction industry is worth USD 150 billion annually. In January this year, home construction and renovation marketplace Buildzar.com has raised USD 4 million (about Rs 27.22 crore)from Dalmia Cement Bharat MD Puneet Dalmia in pre-Series A funding.
Omaxe promoter forays into e-commerce biz