Eden Smart Homes LLP, which operates an IoT-based startup focussed on home automation solutions, has raised funding from angel investment platform Inflection Point (IP) Ventures.
The bet on Eden Smart Homes marks the latest in a string of investments by IP Ventures, which has since its inception ploughed over Rs 100 crore into more than 35 startups.
The deal sum for the latest bet was not disclosed.
Eden Smart Homes was set up in 2018 by Pranjal Kacholia and Divyansh Mathur, both of whom are from the Indian Institute of Technology-Delhi. The company says it provides products and services including monitoring power consumption and providing real-time status of appliances.
It is currently present in five cities, and says it is aiming to use the capital it has raised to set up distribution channels in at least 30. It will also use the capital for launching new product lines and scaling up sales and marketing operations for new customer acquisitions.
Apart from this, the startup says it is also in talks with large brands and small and medium enterprises for technology licensing.
“Eden Smart Homes has been able to position themselves as an aspirational product for Indian households as disposable income rises. We believe that their fast and seamless technology, coupled with a promise of power savings, will wow their customer segment,” IP Ventures founder and chief executive officer Vinay Bansal said.
Separately, Kacholia said Eden Smart Homes is aiming to become one of India’s leading IoT-based companies within the next three years.
The investment initiative was floated by a group of chief financial officers and finance professionals working at Indian startups. It was founded in 2017 as a by-invitation-only network. The initiative makes most of its bets at early-stage to pre-Series A levels.
Last month, it invested $200,000 (around Rs 1.5 crore) in Wellcure Infotech Pvt Ltd, a health-technology platform founded by Nearbuy co-founder Sumeet Kapur.
It does make some bets beyond the pre-Series A stage as well. In June, for example, it led a $5.5 million (around Rs 42 crore) funding round in hyperlocal grocery delivery startup Milkbasket.
Also in June, IP Ventures invested in citizen’s safety technology platform DROR along with US-based entrepreneur and investor Gopi Latpate.
It also announced a $150,000 (around Rs 1.14 crore) commitment to Edvizo Media Pvt Ltd, which acts as a marketplace for competitive examination institutes. In April, it invested $400,000 in edtech firm Pedagogy, which helps students buy books while preparing for engineering and medical entrance exams.
IP Ventures’ portfolio also includes NCR-based digital payments platform Escrowffrr, Kolkata-based rural health-focused startup iKure, and Delhi-based virtual assistant provider Wishup.
