Architecture and interior design software-as-a-service (SaaS) company, Infurnia Technologies, announced on Thursday that it has raised $1 million (Rs 8.26 crore) in a funding round led by angel investors Yogesh Chaudhary (Jaipur Rugs) and Bhupinder Singh, (ex-Bentley Systems). The round also saw participation from Bollywood singer Jasleen Royal and Bunty Sajdeh (Cornerstone).
The company aims to utilise the funding received towards product development and geographical expansion.
“This funding will enable continued technology development to dominate the cloud-native architecture and interior design software market and make inroads in the global market whilst strengthening our presence in the local market,” said Nikhil Kumar, co-founder and chief executive officer, Infurnia.
Founded in 2014 by Kumar and Lovepreet Mann, the Bengaluru-based startup is a cloud-based platform that allows professionals to design buildings, interiors, and modular kitchens. Infurnia offers data management and collaboration tools, and platform-independent accessibility. The company counts brands such as Livspace, Spacewood, and Wakefit as its clients.
This fresh round of funding takes the total angel investment raised by the company to $2.5 million with $800,000 being raised last year from investors such as Chaudhary and Pallavi Nadhani (Fusion Charts). The company aims to achieve profitability by the end of FY24.
“One of the reasons to back Infurnia was their technology. Their offering has the potential to scale across geographies, and bring a change to the tech ecosystem of the architecture, engineering and construction (AEC) industry.” added Bhupinder Singh.
In the last two months, there has been an uptick in the number of early-stage deals in the SaaS sector. Yesterday, business-to-business (B2B) SaaS platform Venwiz raised $8.3 million in a Series A funding round led by Sorin Investments. Last week, Bengaluru-based SaaS startup Inkle raised $1.5 million as a part of its pre-seed funding round from Picus Capital, Saison Capital and Force Ventures. During the same period, Sequoia’s accelerator program Surge led a $3.7 million seed funding round of SaaS startup Hatica.
