Indian Angel Network, the country’s oldest and largest angel investor group, has invested an undisclosed amount in DesignBids, an online marketplace for architecture and interior design services.
While the terms of the transaction were not disclosed, IAN Members Ambarish Raghuvanshi and Arihant Jain have led this round of investment on behalf of the Angel Investor Network, and will join DesignBids’ board, according to a press statement released by the angel investor group on January 28.
Founded in November 2015 by IIT Roorkee alum Nithish Joseph Monson and Shreya Bisht, Delhi-based DesignBids is a platform connecting projects owners with architects and interior designers by using a reverse-auction mechanism.
“DesignBids aims to centralize India’s Architecture ecosystem, which is currently disorganized with thousands of small players acting independently. We wanted to streamline the process,” Monson, Founder and Chief Executive of DesignBids, stated in the official statement.
Project owner posts their requirement on DesignBids, which then become visible to all designers and architects in that city. Interested designers can then submit their proposal or bids for the project, which includes the total budget for the work, a brief portfolio or description of the design firm, and a rough design concept.
The project owner can then select a designer, on the basis of the proposed budget, portfolio, design concept, and reviews.
“Pricing for design services is still in the discovery phase for home owners and small businesses who are project sponsors or owners. Project owners have very little idea of pricing for such services. DesignBids solves this problem for them, while providing visibility to the project and the advantages of choice which comes with attracting interested designers,” said Ambarish Raghuvanshi, the lead IAN investor in the transaction.
According to the press release, the startup has acquired over 100 projects, with over 300 designers registered on the website. The projects include home interiors, offices, cafes, commercial architecture, hostels and salons, among others.
Source: The Economic Times
