Actual estate-focused Renewate Infrastructure Applied sciences Pvt Ltd on Wednesday stated it has raised a pre-seed spherical of funding led by early-stage enterprise capital agency Higher Capital.
Renewate will use the funds to extend its product choices and develop its presence throughout India, it stated in a press release. The agency didn’t disclose monetary particulars of the transaction.
The Pune-based startup was based by husband-wife duo Debashree Ghatak and Supratik Ghatak in 2018. The founders have many years of expertise in actual property and expertise.
Renewate gives a platform to assist renovation contractors, property enchancment professionals and companies handle their enterprise digitally by automating sure processes like documentation, measurements, estimation and invoicing.
The platform comes filled with newest augmented actuality and synthetic intelligence applied sciences that may be accessed by customers of their native language, it stated.
Vaibhav Domkundwar of Higher Capital stated that property-improvement professionals and contractors are nonetheless utilizing archaic strategies for operating their companies. Renewate’s platform is filling an essential hole by digitizing contractors with a mobile-first vernacular-first app that brings easy but highly effective instruments to assist them work smarter, he added.
Renewate seeks to faucet into India’s property enchancment market that it says is upwards of $50 billion.
There have been a couple of investments in actual property platforms previously few months after funding in such startups had slowed for the reason that peak yr of 2015.
MPowered, an asset administration providers supplier to actual property homeowners, raised $21 million in its pre-Collection A funding spherical from a gaggle of US-based excessive net-worth people in July.
In March, Strata Property Administration Pvt Ltd, a real-estate investment-tech startup, raised a seed spherical of funding led by SAIF Companions and Mayfield India.
In January, actual property software-as-a-service (SaaS) platform MultiplyMyLeads.com raised an undisclosed sum from buyers together with Frontline Technique Funds and SucSEED Enterprise Companions.
In September final yr, prop-tech agency Sq. Yards raised $20 million from media home Bennett Coleman & Co Ltd (BCCL) and Japanese actual property funding firm Genkai Capital.