Mistry, a home interior materials platform, raises $ 2 million, led by Omidyar Network India.
Angel investors Maninder Gulati- OYO, Vasant Sridhar-OfBusiness, Sumer Juneja-SoftBank, Vikram Chopra-Cars24, Rohit Kapoor- Swiggy, Alok Mittal-Indifi and Sharad Goenka from Globalfaces also participated in the round.
Vaibhav Poddar and Bhanu Mahajan founded Mistry in 2022. The store sells a range of construction materials for homes, including electricals, paints, plumbing pipes, and wood.
The startup will deploy the new proceeds to build a tech-enabled end-to-end solution for home interior solutions and individuals.
“We at Mistry.Store aims to simplify the material purchasing journey, typically led by home interior professionals. While this market is highly organized in western countries, no significant player has emerged yet in the Indian market, owing to local market dynamics,” said Poddar.
They currently deal with their businesses in the Delhi NCR region.
The startup claims the Indian home interiors business is worth over $25 billion and employs more than 5 million people.
Today the industry is facing issues like price opacity, fake products, poor customer service, and informal professional expenses.
According to a report, the country’s interior design market was worth $23.2 Bn in 2020. The industry will grow to $38.2 billion by 2027, at a CAGR of 7.4% from 2021 to 2027.