Omidyar Network India invests in Mistry.Store
Omidyar Network India, an impact-focused investment company, sponsored a $2 million seed fundraising round for Mistry.Store, a Gurugram-based platform for home décor products.
In addition to prominent angel investors like 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), among others, the funding round was also attended by Waveform VC and Bharat Founders Fund.
Mistry.Store is a platform created in 2022 by Vaibhav Poddar and Bhanu Mahajan with the goal of making it easier for homeowners to purchase building supplies like wood, plumbing, paints, hardware, and electrical items.
The platform’s main goal is to make it easier for home interior specialists, such as architects, interior decorators, builders, and others, to buy economical and high-quality building materials on behalf of their clients. The organization is presently concentrating on the Delhi and NCR region.
The startup plans to use the cash to revolutionize the way homeowners buy building supplies by developing a tech-enabled end-to-end solution for home interior specialists and their homeowner clients.
Omidyar Network India
In India, remodeling or building a home is always expensive and time-consuming. We want to make the process of purchasing materials, which is traditionally handled by interior designers, simpler, according to Poddar.
“While this sector is quite well organized in western nations, due to the unique market dynamics in India, no big player has yet to emerge in this market. We want to maintain the home interior professionals as our “north-star,” and we want to build a network and an environment that will help them succeed both professionally and personally.
Bhanu Mahajan, co-founder, continued, “In addition to convenience and trust, we also assist professionals in generating additional money. We are the only professional marketplace that not only gets them the greatest deals but also increases their productivity and expertise.
The home building material business in India, according to Abhirup Sarkar of Omidyar Network India, is full with inefficiencies, exorbitant prices, and serious customer opacity.
“Mistry.store aspires to organize this sizable fragmented sector through technology by solving these challenges and by enabling the small enterprises and independent professionals who are at the heart of the industry. By enabling them to access a greater selection of high-quality items, increase their incomes through increasing business, and also provide an improved value proposition to their end clients, it will have a huge positive influence on these firms and professionals, according to Sarkar.