Hyderabad-based interior design technology startup Renderlogy has raised $1 Mn in a new round of funding led by Mumbai-based Astarc Ventures.
This round of funding for JBR Interio Technologies, the parent company Renderlogy comes in just a two months after it had raised $1.5 Mn (INR 10 Cr.) from Brick Eagle in Series A round of funding. Renderlogy is also planning to raise $5 Mn in Series B funding round by the end of this year in which Brick Eagle has already shown interest.
This is the first investment by the seed fund arm of automotive solutions provider Astarc Group, which announced a corpus of $2 Mn earlier this year that will be increased to $10 Mn in the future.
Shailesh Goswami, an alumnus of IIT-Delhi and former director at Microsoft, founded Renderlogy in 2014. The startup offers technology enabled experiences, visualisations and solutions for the builders, suppliers and consumers. It has also developed in-house, a patent-pending ‘Interiors definition technology’ based on which it is planning to launch a B2C (business-to-customer) interior designing portal in June 2015 and is exploring tie-ups with vendors for the same.
Shailesh Goswami, says, “Using this software, interior designing service and execution capability, the company envisioned to capture the builders market. The idea was to tie up with Builders and offer their customers automated interior designing using the portal, and then execute them using our own execution capability”.
According to Salil Musale, Co-Founder Astarc Ventures, they evaluated the idea on three factors:
a) the size and attractiveness of the market opportunity,
b) leadership potential, vision and passion of the founder
c) traction made so far
Currently, there are no direct competitors to this concept in India. Potential competition could be from online furniture companies, home décor companies and that too in the future.
Renderlogy has its presence in Pune and Hyderabad, the company is on its way to expand its service offerings and foray into six new cities of Bangalore, Delhi, Chennai, Mumbai, Raipur and Jaipur. Other startups that offer interior design solutions include HomeLane, Nestopia, and LivSpace which has recently acquired two startups in this space including Dwll and DezignUp.