Renderlogy, a city-based interior designing technology startup, has raised Rs 10 crore in a Series-A funding from Brick Eagle, a Mumbai-based private equity firm that invests in the Indian affordable housing development ecosystem.
“We are currently present in Hyderabad and Pune. We propose to utilise a portion of these funds to expand to cities like Chennai, Bengaluru, Mumbai, Raipur and Jaipur in due course, besides investing a majority of these funds in technology development,” Shailesh Goswami, chief executive of Renderlogy, told mediaperons on Thursday.
Goswami, an alumnus of IIT-Delhi and former director at Microsoft, founded Renderlogy in 2014. The company has 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.
“The free-for-registration B2C portal will enable the end user to click-drag-and-drop to customise and virtually see how his planned affordable house looks like. We are planning to throw open the portal in the May timeframe,” Goswami said. Renderlogy is the sixth company that Brick Eagle has invested in so far.
“We have committed Rs 30 crore in Series-B to Renderlogy for later this year. To build scale, it may require around Rs 100 crore in a year or so from then. We stand by them ...in their growth path,” Brick Eagle founder and CEO Rajesh Krishnan said, while declining to quantify the equity they were seeking in exchange for the investment.
Three-year-old Brick Eagle was expecting its current projects to yield $2 billion over the next seven years, he said.
