Architecture and interior design software company, Infurnia, will launch their initial public offering (IPO) on 6th September. The issue will close on September 9. Infurnia is the largest listing on the BSE startup board. The startup filed its final IPO prospectus for raising INR 38.2 cr on August 30th.
The Bangalore based startup filed its draft red herring prospectus (DRHP) for the IPO with the Security Exchange Board of India (SEBI) for raising INR 38.2 cr. The issue will include 3,62,90,000 equity shares of face value ₹1/- each for cash at a price of INR 10/-per equity share.
The IPO will not have an offer for sale (OFS) component. Nikhil Kumar, Co-Founder and CEO and Lovepreet Mann, Co-Founder and CMO, will hold the largest share in the startup at a combined share of 50.64%.
The startup aims to invest 29.02 cr in its wholly owned subsidiary while INR 8.68 cr will be used for general corporate purposes. According to the IPO prospectus, the listing will allow Infurnia to expand and diversify its cloud-based offerings. The funds will also be directed towards expanding the team, expertise and capabilities by entering into new market segments and acquiring new customers.
Founded in 2014, Infurnia is a cloud-based platform that allows professionals to design buildings, interiors, and modular kitchens. Infurnia offers data management and collaboration tools, platform-independent accessibility, CAD, BIM and more to its users. In the past, the startup has raised over INR 10 cr in various funding rounds from several angel investors and VC firm Idein Ventures. Their customer base include brands such as Livspace, Spacewood, and Wakefit.
Since its inception, Infurnia has evolved from a web-only wardrobe configurator to a web-first building design, interior design and modular kitchen design application. The startup is working towards establishing a native multi-platform approach that would enable building native design applications for multiple desktop, tablet, mobile, virtual reality and server platforms in the future.
Infurnia believes that the future of the design industry lies in cloud-based platforms. Their goal is to create an collaborative and easy to access design platform for the architecture and interior
design ecosystem. Their product is aimed at enhancing productivity and bringing digital accountability on each stakeholder’s action throughout the life cycle of the project.
The IPO prospectus states that the market in which Infurnia operates is laden with competition, keeping the pressure up on the startup. The company may face competition from some Indian as well as internationally recognized technology services companies.