As per recent India Brand Equity Foundation(IBEF) report, India’s Real Estate and Construction Sector is expected to scale up to $1 trillion by the year 2030, contributing close to 13 percent towards the GDP of the country.
While India is on to becoming the largest construction market globally, however, internally the real-estate developers, both private and public, face tough challenges in cost estimation, procurement, and vendor management.
To solve these issues, India’s PropTech sector is seeing a surge in investments. Here is a list of 5 start-ups that are revolutionising how India constructs.
Launched in 2018, India’s first Virtual Reality-based saas product Trezi came into the market with a vision of revolutionalizing design communications. By combining 3D design, and a fully immersive Virtual Reality module with architecture, Trezi has brought a unique product to the construction- tech space. It connects engineers, architects, interior designers, product manufacturers and even app developers creating applications for the building industry. It omits wastage, errors and cuts down considerably on the time delays caused by site visits, prototyping and on site experimentation. Through its collaboration feature, no matter where in the world, stakeholders can work on a full-scale rendition of their project, and even make changes and tweaks to it, as and when needed.
Trezi is the receipient of many awards including NASSCOM League of 10” of Emerge 50 (2018), Virtual Reality Provider of the Year (2017, 2018) by Frost & Sullivan India ICT Award, Top 3 in Start-Ups of the Future category by NDTV Start-Up Awards (2016). 2020 has started well for SmartVizX, creator of Trezi. It has received fresh funding from new and existing investors. The new round was led by Rockstud Capital Investment Fund and saw participation from existing investors IAN Fund and YourNest Venture Capital. This Series A funding follows the startup’s pre-seed round of $1.3 million in 2018.
Gautam Tewari shares with TBC, “The market response to Trezi has been very high on quality, with some of the largest Indian and overseas architecture firms introducing Trezi in their workflow primarily for the design experience and VR collaboration benefits. The real win for us is that smaller firms have also not hesitated in picking up Trezi – that has been a true vindication of the hypothesis we built Trezi on. Further, the adoption of Trezi by building product manufacturers takes us a significant step closer to our vision of making Trezi the first and the most preferred immersive platform for the building industry.”
Founded in 2016 by Nipun Yadvinder, Sameer Nayar and Sarit Sethi, Buildsupply is an advanced ERP system for the Real Estate and Construction industry, which aims to bring about standardization and transparency in the Real Estate Development and Construction processes. This Gurgaon based company’s online B2B ecommerce portal helps developers manage the entire procurement process online, helping plug leakages and achieve efficient pricing. Archer Technologies Pvt. Ltd, which owns BuildSupply, raised $3.5 million (around Rs 25 crore) in a Series A round of funding led by investment firm Venture Highway.
Archchat is the only communication & collaboration platform for architecture & interior projects of its kind.
Launched in 2019 by inventor Chetan K. Singh, Archchat brings project collaborators like project owners, architects, interior designers, various engineering consultants, contractors and product sellers on a single platform to collaborate on live projects.
It also provides dedicated platforms to draw, design and manage the product and comes with communication privacy features to ensure that while trackable, original plans etc. shared over the platform remain safe.
The platform’s inbuilt google translation feature lets collaborators write messages in their language and delivers them to another collaborator in his/her language.
ArchChat also brings a flavour of social media. Professionals publish designs, articles, videos, and their services on ArchChat. Sellers publish their products. This makes ArchChat a content rich platform. Project stakeholders save published designs and products to their projects. This makes product sellers project collaborators and helps them get new business. Project collaborators also connect with new design and construction professionals.
ArchChat has become an industry disruptor by cutting project timelines by at least 20%. Headquartered in Singapore with design studio in Gurgaon, the platform serves around 10000 architects globally.
Chetan shares with TBC, “Archchat is a very simple to use platform and mobile app, even non-technical home and project owners can get started using it in minutes.”
Bengaluru-based SAAS startup, FalconBrick Technologies owns a mobile-based solution for accelerating construction projects. Founded in 2015, by Gautam Mayur and Aditya Shankar, Falconbrick automates end-to-end project operations including execution, finishing, handover and facility management. Its app brings site execution, quality, planning and CRM teams as well as contractors onto a single platform so that they can monitor the project on the mobile phone right from excavation till handover. The startup works with builders in Bengaluru, Kolkata, Mumbai, and Delhi and the subscription model is on a per-year or pay-per-use. Falcon Brick received funding of INR 4 crore in 2017 from Kolkata-based real estate players and foreign, as well as domestic investors.
Founded in 2019 by Prabh Paul, Madhvi Walia, and Sunny Vohra, Tracecost is a Delhi based startup. It aims to help facilitate the work of contractors and project managers by integrating data science and technology in their project management systems and workflow. Tracecost offers a cloud based project management automation module which brings together key stakeholders in the process of construction – from architects to engineers to contractors – to get updates, access all reports and report any problems in real time. It also enables performance tracking for project owners, so they can analyze their RoI better, and also review the communication flow, as well as time taken to complete an assignment. The solution which comes with a mobile app claims to help create cost savings of 8-10% in a single project.
The Way Forward
In a world that is increasingly moving towards collaborative processes, and marrying technology with all possible aspects of work- India’s construction tech space is seeing substantial growth. In the new RERA regulatory environment, it is time more real estate developers come forward and adopt these technologies to manage their costs and achieve timely deliveries.