Kolo has announced that it has raised 4 Million USD from Global VC firm RTP Global and existing investor Better Capital. The new investment will help fuel the company's continued growth, enhance the consumer side product offerings including the content-recommendation engine, the community offering, digital portfolio & tools for the professionals and expand their presence across India.
Founded in 2020 by ex-Gojek team members in the Southeast Asian unicorn - Jery Althaf, Pranav Garg, Aayush Sharda & Vivek Mittal, Kolo is a content-community mobile app for homeowners to build their dream home and enables construction providers and brands to create a digital presence and receive opportunities from homeowners. Within a short time, the company has become one of the top apps in the home construction segment in the country.
“Two key consumer behaviour trends that drive our growth. Firstly, consumers want to be involved in their renovation projects given the amount of money they spend and since the decision has a lasting impact on how they live. Previously they didn’t have avenues to learn about the choices except for their immediate relatives or friends. Secondly, the influence of the media in driving transaction decisions. From coming up with suggestions, to choosing the service provider based on photos/videos and learning about different roofing options they have, content informs and provides transparency hence puts power in the hands of the consumer” - said Jery Althaf, Co-founder of Kolo.
“Home is a once-in-a-lifetime purchase for a majority of Indians who invest a significant amount of their wealth with a lot of passion in building their homes. However, in most cases, they go through a painful experience that is non-transparent & reliant on face-to-face interactions and manual processes. We aim to disrupt the space using technology, building content based mobile first solutions to democratise information & creating a one stop solution for homeowners, service professionals & building material providers.” added Vivek Mittal, Co-founder of Kolo.
Kolo’s app allows homeowners to see design ideas to get inspired, learn about them and make that happen with professionals. For professionals, Kolo helps in creating a digital portfolio, share their work videoshttps://storage.googleapis.com/realtyplusmag-news-photo/news-photo/expertise to homeowners and other professionals and receive opportunities.
“Kolo has taken a customer-first approach to India’s massive home construction market & has demonstrated tremendous traction in a short period of time. We invested at the idea stage & have been impressed with the quality of execution of the Kolo team and have doubled down with a large check in this well deserved Seed round”, said Vaibhav Domkundwar of Better Capital, an early backer of breakout companies like Slice, Open, Rupeek, Teachmint, Khatabook & others.
The company has seen growth ten times over from last fundraise. What started in Kerala has now expanded to include Delhi, Madhya Pradesh, and Rajasthan.
“We believe that home renovation is a long process and consumers want to play an active role in decision making. While on the other side service providers have found it hard to showcase their work to prospective homeowners. Kolo solves this problem with their content to commerce model. The market need coupled with the founders' vision and execution made it a no-brainer for us to invest in Kolo”, said Madhur Makkar of RTP Global.