Hyderabad based eCommerce startup, Renowala.com which is yet to be launched officially, has managed to raise angel funding from the promoters of a software technology firm Logtally for a 15% stake in the company. Logtally will also provide web and app-based technology support to Renowala.com.
The Startup is targeting the home improvement sector. It will provide a marketplace for the businesses focusing in the domain of interior design. Various stakeholders can use the platform for their home improvement and design requirement. The aim of this Startup is to become one stop destination for all home requirements. Renowala.com will be targeting cities like Hyderabad and Bangalore before expanding to other cities.
Reecently, Furdo which uses 3D visualization for home furnishing, raised an angel investment of $400k from Bhavadeep Reddy, CEO, Indus Homes Pvt. Ltd. Urban Ladder is backed with more than USD 75 million from investors like Sequoia Capital, Steadview Capital, SAIF Partners, Ratan Tata etc. Livspace, launched in 2014 secured USD 8 million funding from Helion Ventures, Jungle Ventures and Bessemer Venture Partners. Home Lane, which was founded in 2014 raised $4.5 million in funding from Sequoia Capital in February. It has recently received funding of $50 million from Sequoia Capital.
Even though the number of companies targeting home service industry has increased over the last few years, the sector is a highly untapped one when compared with the western market.