Shadez, a Mumbai-based home industry startup, brings USD 200k in a pre-Series A funding round led by Inflection Point Ventures (IPV) on 15 September 2021.
Investors: An angel investment platform, Inflection Point Ventures (IPV), led the latest funding round.
The objectives behind the funding: The startup plans to deploy the proceeds to enter metros such as Delhi, Chennai, Bengaluru, and Ahmedabad by the end of this financial year. The major portion of funds will also be used in technology, machinery, manpower, marketing, and product development.
Founded in 2019 by Adarsh Anand and Amit Tiwari, Shadez claims to be India’s first paint company to deliver painting jobs in a day’s time with the help of a smart painting process and the modern automatic tools along with professional painters. The startup also offers easy EMI plans for its clients. Currently, it operates across Mumbai, Pune and Vadodara.
What the Founder has to say:
Speaking on occasion, Adarsh Anand, founder, and chief executive officer, 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.”
What the Investor has to say:
“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. 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,” mentioned Vinay Bansal, founder, and chief executive officer, Inflection Point Ventures.
“Painting industry is largely unorganized and the entire process right from planning to pricing to execution is a painful process and time-consuming as well. Their turnaround time of a day (for a repainting job), transparency in pricing and professional team creates a great experience for the Customers which was validated in our discussions with their customers, during the due diligence process. The founders of Shadez are committed to their vision and we support their vision of transforming this sector,” said Jignesh Kenia, lead investor, Inflection Point Ventures.
The Indian paints market is expected to grow at a CAGR of around 12%. The paint service market in India is highly unorganized. Shadez operates 24×7 by catering to residential projects in the daytime and commercial projects at night shifts. They also plan to offer false ceiling, exterior painting and project consulting as an addition to their offerings soon. In the next 12 months, Shadez forecasts to deliver 10x of the current revenue.
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