Yet to be launched Hyderabad based eCommerce startup, Renowala.com has raised angel funding from the promoters of software technology firm Logtally for a 15% stake in the company. Besides the investment, Hyderabad based Logtally will provide the tech-support to Renowala that includes web and app based technology.
Renowala is an eCommerce platform looking at revolutionising the home improvement service experience for Indian customers. It is a marketplace for businesses in the industry such as interior designers and home owners to come together for their home improvement & design requirement. The portal will also cater to basic home service requirements ranging from changing the leaking pipes to pruning the gardens. It aims to become a one-stop centre for all home requirements.
It will first serve both the Hyderabad and Bangalore cities before reaching out to the other cities in India. Renowala.com is expected to be launched by January 2016.
Talking about the market size and opportunity, It’s Founder and CEO, Joshua Kumar said, “India experiences 11% annual growth in the Home Improvement sector. While a few players have initiated such ideas, there is a huge unmet gap in this industry to be catered to.”
In September 2015, Bengaluru-based startup, Furdo which employs 3D visualization for home furnishing, raised an angel investment of $400k from Bhavadeep Reddy, CEO, Indus Homes Pvt. Ltd. Other startups in this space include, Foyr.com, which raised $1 million from Astarc Ventures in Pre-Series A; a mobile based startup called Houzify raised angel investments from Mohandas Pai and Naveen Tewari; online interior décor site Intruo raised funding from angel investors and Livspace had secured $4.6 million from Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures.
Indian home services industry is also evolving very fast with around 69 startups founded in 2014, and the number is increasing rapidly with time. To name a few, HouseJoy, UrbanClap, TaskMitra, Mr.Right, Findyahan, Doormint, Qyk, UrbanPro, Zimber etc., are competing fiercely with each other in this space.Category Investments News