New Delhi based Eden Smart Homes, which runs an eponymous internet of things (IoT) startup, said it has raised an undisclosed amount in a seed funding round from Inflection Point Ventures.
The capital from the startup’s first institutional round will be used to launch new product lines and scale up sales and marketing operations, a statement said.
The startup looks to become India’s leading IoT company in the next three years, during which the smart home market segment is expected to touch $8 billion, Pranjal Kacholia, co-founder of Eden Smart Homes, said
“Our product helps save power significantly in both the residential and commercial segment. To have investors like IPV, which can leverage their huge network strength to not only sign cheques but also help us scale up our business quickly makes this a win-win partnership,” he said.
Kacholia founded Eden in 2018 with fellow IIT Delhi alumnus Divyansh Mathur. The company offers solutions to monitor power consumption, view real-time status of appliances, and schedule on and off times for appliances and create custom scenarios. They also have a ‘one-button control’ feature to set up an entire smart home.
With a presence in five cities so far, the company aims to set up its distribution channel across 30 cities soon. It is also in talks with large brands and small and medium enterprises (SMEs) to license a part of its technology for bundle up sales and list its solutions online on targeted platforms for better customer visibility.
“With the ease with which all of us are embracing technology and the Smart City projects currently underway, there is a demand for IoT enabled homes. Eden has been able to position themselves as an aspirational product for Indian households as the disposable income rises. We believe that their fast and seamless technology coupled with a promise of power savings will wow their customer segment,” Vinay Bansal, founder and CEO of Inflection Point Ventures, said.
The deal marks the eleventh investment by Inflection Point Ventures since March. The firm has backed micro delivery startup Milkbasket, wellness startup Wellcure, edtech platform Edvizo, cloud kitchen firm Samosa Party and healthtech company Phable.