Kolo has announced that it has raised $4 million 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 and tools for the professionals and expand their presence across India, it said in a statement.
What does Kolo do?
Founded in 2020 by ex-Gojek team members in the Southeast Asian unicorn - Jery Althaf, Pranav Garg, Aayush Sharda and 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.
Jery Althaf, Co-Founder of Kolo said, “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”.
Vivek Mittal, Co-Founder of Kolo, “We aim to disrupt the space using technology, building content-based mobile first solutions to democratise information and creating a one stop solution for homeowners, service professionals and building material providers” .
How it works
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 videos/photos/expertise to homeowners and other professionals and receive opportunities.
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, the statement added.
Investors' take
“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.
Madhur Makkar of RTP Global said, “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”.
