Omaxe promoter forays into e-commerce biz, to invest USD 1 mn

Realty firm Omaxe's promoter and CEO Mohit Goel has started an e-commerce portal, Supplified.Com, in his personal capacity to market construction materials and will invest USD 1 million as seed funding.
Supplified.Com, founded by Goel along with SPR Buildtech Director Nalin Saluja, started its operations a few months ago aiming to tap huge opportunity in the unorganised construction materials market.
On this portal, 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.
Supplified is currently catering to the Delhi-NCR market and achieved a monthly sale of Rs 50 lakh last month.

"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.
The online marketplace registered sales of Rs 5 lakh in November, Rs 11 lakh in December, Rs 22 lakh in January and Rs 50 lakh in February, Goel said.

"We are looking to expand to 10 cities and achieve total sales of Rs 10 crore per month within next 6 months," he added.

Asked about the investment in this venture, Goel said "founders are bootstrapping this start-up with their own fund of one million dollar".
He added that there is a huge opportunity in this business as the total size of the construction industry is worth USD 150 billion annually.
Supplified.Com aims to solve complete procurement problems of both retail buyers as well as SME contractors and builders.
Besides Supplified, there are some other players in the segment. 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.