Hyderabad: DesignBids Technologies Pvt. Ltd, a marketplace for interior design services, has raised its maiden round of funding from the Indian Angel Network (IAN).
Three-month-old DesignBids will use IAN’s investment to fine-tune its technology, expand into major metros and to market the brand. It will also increase its headcount from 7 to 15. The firm is currently live in Delhi, Bengaluru and Mumbai.
IAN, the biggest investor network in the country with 400 investors from 10 countries, does not disclose deal sizes.
The round was led by angel investors Ambarish Raghuvanshi and Arihant Jain, who will take a seat on the company’s board and mentor the team.
DesignBids connects project owners with architects and interior designers through a reverse auction mechanism. Project owners post interior design requirements for homes, offices, cafes, hostels, salons, among others, on the platform. Interested designers bid for projects by submitting a design concept, portfolio and proposed budget. Project owners then evaluate the various bids before narrowing down on a designer of their choice.
Since its inception in November, over 300 designers have registered with DesignBids. It has a 100 projects listed on the platform. By April, the company aims to sign up 1,600 designers and have 250 projects listing every month, Nithish Joseph Monson, co-founder and chief executive officer of DesignBids said in a phone interview before the funding was made public.
“Project owners have very little idea of pricing for such (design) services. DesignBids solves this problem for them, while providing visibility to the project and the advantages of choice which comes with attracting interested designers (interior designers and architects)," Raghuvanshi, the lead IAN investor said in a statement.
DesignBids will make money by following a subscription-based model although it isn’t charging designers any money to enlist on the marketplace right now. Project owners can register on the platform for free.
Architects and designers will be clubbed into different categories based on their experience and portfolio to suit the budgets of different home buyers, co-founder and chief operating officer Shreya Bisht said in the phone interview.
Construction technology is slowly catching up in India. Hyderabad-based automated interior design portal Foyr lets users create their own interior designs and connects them to local home décor providers. Foyr, which currently aggregates local home décor and furniture providers in Hyderabad and Pune plans to expand into 10 cities by the end of 2016, Shailesh Goswami, its founder and chief executive said in September.
DesignBids eventually aims to evolve into an “A-Z portal for design and construction" by enrolling contractors, technical consultants, developers and other service providers on its marketplace, Nithish Joseph Monson said.