Mumbai-based home interiors startup Shadez today said it has raised over $200,000 in a pre-Series A funding round led by angel investment firm Inflection Point Ventures.
This is IPV’s 30th deal for 2021 and aims to invest Rs 155 crore across 60 plus startups.
According to a release, Shadez will use utilize the raised capital for entering metro cities like Bangalore, Chennai, Delhi, and Ahmedabad by the end of this financial year. The startup will also invest in technology, machinery, manpower, marketing, and product development.
Currently, It is operating across Mumbai, Pune, and Vadodara and has painted more than 200 homes in Mumbai till date with over 4 lac sqft.
Founded in 2018 by Adarsh Anand and Amit Tiwari, Shadez works with a smart painting process and the latest automatic tools along with professional painters to make the entire process faster than any other conventional process of painting. It also offers monthly EMI plans to make purchasing easier for the customers.
These factors help them in eliminating the hassle which generally people face while handling painting projects. The startup aims to deliver 10x of the current revenue in the next 12 months, the statement said.
Speaking on the development, Adarsh Anand, Founder & CEO, Shadez, said: “The driving philosophy for us right from day one has been – Never let a customer go away unhappy. A customer talking about their experience with you is worth much more than you talking about yourself. We would really like to thank IPV for believing in us and for all the support extended in getting us off the ground.”
Vinay Bansal, Founder & CEO, Inflection Point Ventures, said: “Our research showed that painting is a painful process for the entire family as it takes weeks to get a home painted while the family and kids are displaced. It would be a joy for the family and a significant disruption for the industry if house painting can be completed in 1 day.”
Between morning and evening. This will also lead to families getting re-painting done more frequently than the current frequency of 5 years. Home decor in India is a highly unorganized market and there is no standardization of such services. Shadez is attempting to solve this pain point for homeowners as they finish the painting job in a day.
He further said that their application of technology to cut down the total service time and deliver the project in a day is a potential game-changer in a large residential market in India because we may do the complete interiors once in 5 years, but painting is a recurring house maintenance service.
According to the company’s statement, the market size of the paint service industry in India stands at more than Rs 1 lakh crore with 20% of homes getting painted every year. The paint service market in India is highly unorganized, while demands for painting vary significantly. Residential spaces prefer daytime and commercial spaces show an inclination towards night shifts, considering such varying requirements, Shadez undertakes both residential & commercial projects 24×7 to accommodate all requests.
It plans to start with false ceiling, exterior painting and project consulting as an addition to its offerings in the coming future. Apart from this, Shadez has also been awarded as the ‘Best Home Interior Paint Company of 2020’ by Mid-Day.