- Pune-based realty-tech startup Renewate raises $272K in its pre-seed funding round led by VC firm Better Capital.
- In May 2018, Renewate raised an undisclosed amount in pre-seed funding from Real Estate Accelerator Program (REAP).
Pune-based realty-tech startup Renewate (Renewate Infrastructure Technologies Pvt Ltd.) raises $272K (or about Rs 2 crore) in its pre-seed funding round led by Pune-based early-stage venture capital firm Better Capital.
According to the reports, Renewate had raised an undisclosed amount in pre-Seed funding from Real Estate Accelerator Program (REAP).
The startup will use this fresh capital to further improve the development of its technology and expand its presence across the country.
Renewate is filling an important gap in this multi-billion dollar industry by digitizing contractors with a mobile-first vernacular-first app that brings simple, yet powerful tools to help them work smarter,” said Vaibhav Domkundwar, CEO of Better Capital.
“We want to remove the common pain points that contractors and professionals face. Many of the contractors, who are our customers, are at the bottom of the pyramid when it comes to literacy and education but really up the chain when it comes to showcasing high-value skill sets,” said, Founders of Renewate in a joint statement.
According to the report by IBEF, By 2040, the Real Estate market will grow to Rs 65,000 crore (US$ 9.30 billion) from Rs 12,000 crore (US$ 1.72 billion) in 2019. It is expected that the Real Estate sector in India will reach a market size of $1 trillion by 2030 from $120 billion in 2017 and will contribute 13% to the country’s GDP in the next few years.
About Renewate – Renewate is a Pune-based realty-tech startup founded in 2018 by husband-wife duo Debashree and Supratik Ghatak. The startup helps home improvement firms, renovation contractors, property management firms, and real estate professionals to manage their business digitally without any hassle.
The startup offers various tools to contractors and professionals to convert project requests into projects faster and invoices. Renewate aims to empower its clients to go from an unorganized process to an AI and AR planned fully digitized tools for faster completion of the projects.