Infurnia Technologies To File INR 40 Cr IPO On BSE Startup Platform

Cloud-based architectural design software startup Infurnia Technologies is planning to raise INR 40 Cr in an initial public offering (IPO) on the BSE Startup Platform. 

According to the startup, this is the largest fundraising event in the BSE SME and BSE Startup categories so far this year. It raised INR 4 Cr ($530k) in a Pre-IPO funding round led by Jaipur Rugs and its director Yogesh Chaudhary and some existing investors.

It had earlier raised a total of $1 Mn in venture capital from many angel investors and micro-VC firms including Idein Venture.

Founded in 2014 by Nikhil Kumar and Lovepreet Mann, Infurnia offers cloud-native architecture design software for professionals and businesses. It competes with the likes of Autodesk. According to the startup, “Infurnia is to Autodesk what Google Docs is to Microsoft Office,”

“Collaborative benefits of a design software becomes even more important for enterprises, which need API access to designs, bill of quantities, rendering services and integrations with ERP and CRM systems. Such seamless integrations are only feasible with cloud-native solutions like Infurnia and infeasible with other legacy desktop-based systems,” said Nikhil Kumar, director of Infurnia in a company statement.

“Infurnia enjoys the first-mover advantages in professional cloud-native architecture design software space with practically no competition. Infurnia recently onboarded Livspace, the technology-enabled interior design services startup, to cater to their design technology needs,” added Kumar. 

The global market for construction and design software is projected to reach $18.18 Bn by 2028, growing at a CAGR of 7.7% between 2021 and 2028. In terms of function, project management and scheduling software dominated the market in 2020 and is expected to retain its dominance during the forecast period.

But in terms of deployment, the cloud-native segment is expected to expand at the highest CAGR of 9.3% over the forecast period. These cloud-based solutions allow businesses to access data and designs across multiple connected devices.

The increasing demand for design skills to maximise the use of space and resources and the growing regulatory and compliance framework for all kinds of construction is expected to drive this growth further. 

Earlier this month, home interiors design startup HomeLane had announced an INR 27 Cr ESOP (employee stock ownership plan) buyback program. Last year, it had raised $50 Mn (INR 371 Cr) in a Series E funding round led by IIFL AMC’s late-stage tech fund, OIJIF II (Oman India Joint Investment Fund) and existing investor Stride Ventures.