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JLL India Launches Investment Vertical; Backs Virtual Reality Based Home Decor Startup Foyr

JLL India Launches Investment Vertical; Backs Virtual Reality Based Home Decor Startup Foyr

Property consultancy firm JLL India has announced the launch of its investment undertaking , JLL India Real Estate Technology Ventures. The investment vertical is led by Anuj Nangpal and will focus on startups based in the real estate sector, working in the areas of technological innovation and development.

Commenting on the development, Anuj Puri, Chairman and Country Head, JLL India said, “With this investment vertical, JLL has its eyes trained on geographic information systems, visualisation and augmented reality, AI, sustainable energy, water efficiency, smart commercial buildings, smart city tech applications, property management technologies, data analytics, home automation and, on a broader level, IoT.”

As per an official statement, the investment firm will function as a separate entity and will operate on equity-based investments. It also plans to partner with other financial institutions to make bigger investments.

Anuj Nangpal, Head, JLL’s investment firm said, “JLL’s proprietary capital, along with its strategic partners, will finance this cycle. In the first 12-18 months, we plan to invest in approximately 10-15 such early- stage companies. Given the firm’s very strong balance sheet, there is limitless scope for such investments.”

JLL India Real Estate Technology Ventures has made its maiden investment in a 3D AR/VR startup called Foyr. Founded in 2014 by Shailesh Goswami, the startup offers creative visualisation of real estate spaces. It also offers customised interior design and end-to-end execution services.

Headquartered in Hyderabad, Foyr is currently operational in Hyderabad, Jaipur, and Pune. It offers a custom compression algorithm solution, an interactive 3D engine, and an AI enabled language solution that creatively describes the spaces to be designed, aimed at creatively conceptualising user’s living spaces.

Users can upload their floor designs on Foyr’s website and get custom designs for free. Once the user decides to go ahead with the final implementation of the design, Foyr claims to offer complete and hassle-free interior design solutions within the next 45-60 days.

It had earlier raised about $598K (INR 4 Cr) from housing accelerator, Brick Eagle. Following that, in May 2015, it secured about $898K (INR 6 Cr) in its Pre Series A from Astarc Ventures.

Foyr claims to have successfully designed more than 100 houses in the past one year and plans to achieve its target of servicing 250+ homes on the coming financial year. It was also one of the finalists at the Economic Times startup Awards 2015.

In August 2016, home decor startup Livspace announced a $15 Mn (INR 100 Cr) funding from existing backers Bessemer Venture Partners, Jungle Ventures and Helion Ventures. Prior to this in March 2016, online interior home decor and furnishing company, raised $2.5 Mn in seed funding from angel investors.

Other startups in this segment include Housify, UrbanLadder, PepperFry, Furdo, FabFurnish, etc.