Hyderabad-based technology firm Logtally’s promoters have invested an undisclosed amount as angel funding in Renowala, a yet-to-be launched e-commerce startup, for 15 per cent stake, according to a press release.
As per the agreement, Logtally will also provide tech-support to Renowala along with the investment. Logtally is promoted by a team of technology professionals and backed by logistics veteran Mohammed Maheen Kannu,
Springforth Capital Advisors’ CEO Kalyan Sivalenka mediated the deal.
Renowala, an online marketplace for home improvement services, is expected to launch the platform by January 2016 with an initial launch in Hyderabad and Bangalore and later expanding to other cities.
Founded by Joshua Kumar, Renowala aims at revolutionising the home improvement service experience for Indian customers. It is a marketplace for businesses in the industry such as interior designers and home owners to come together for their home improvement & design requirement. The portal will also cater to basic home service requirements ranging from changing leaking pipes to pruning gardens.
Kumar, who has over two decades of experience in real estate, is currently working at Springforth Capital Advisors as vice-president. Prior to that, he worked at AceOne Ventures Singapore and Knight Frank (Singapore) Pte Ltd.
“India experiences 11 per cent annual growth in the home improvement sector. While a few players have initiated such ideas, there is a huge unmet gap in this industry to be catered to. It will be a one-stop centre for all home requirements,”said Kumar.
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