Inflection Point Ventures, one of India’s most active angel platforms has invested an undisclosed amount in Eden Smart Homes. This marks IPV’s 11th investment since March this year.
Started in 2018, Eden Smart Homes is an IoT startup which has a range of smart homes solutions. The funds raised will be used for launching new product lines and scaling up sales and marketing operations to acquire more customers.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “We are known to back great founders with great business models with a sustainable growth path. 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.”
Eden Homes was launched with an aim to develop an indigenous and cost effective smart home automation system. Eden’s solution includes monitoring power consumption, the ability to view real-time status of appliances, scheduling on and off times for appliances and creating custom scenarios. Also, one-button control of the entire smart home makes them an attractive smart home solution in the market where there is currently no clear leader.
Pranjal Kacholia, Co-Founder of Eden Smart Homes says, “We aim to become India’s leading IoT company in the next 3 years. In India, the smart home market is expected to be $8 billion by 2023 and we aim to be one of the well-known brands in this segment. 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.”
Eden Smart Homes is currently present across 5 cities in India. Eden Smart Homes will be using the funds raised to set up their distribution channel across 30 major cities for driving more business in the Home segment. The Company is also in talks with large brands and SMEs to license a part of their technology for bundle up sales and even listing it online on targeted platforms for better visibility to the customers.