Silvan, a startup which provides automation and energy management solutions for your home, has announced closure of a ₹6 crore funding round. The current funding has been infused by clean-tech focused VC firm Infuse Ventures.
Silvan will deploy this fresh capital for marketing efforts and for expanding its current product range. The startup is eyeing to create new home automation products in select segments, especially energy management.
The company, which was earlier working in the B2B Sector, also announced its foray into Business to Consumer sector. It recently launched four consumer facing products – a WiFi-enabled video doorbell, security system, light automation system and a music zoning system. All of the products launched are priced between ₹10,000 and ₹20,000.
Silvan is also planning to introduce these products in around 5,000 retail stores across India over the next six months. The company believes that its USP is that its products are cost effective, resulting in traction in tier-2 and tier-3 towns.
Avinash Gautam(CEO of Silvan Innovation Labs) has revealed that going forward, the company will work in two teams. While one team will continue to focus on the enterprise business, the other will develop its consumer range.
Commenting about his company, Gautam said that,
Earlier there was no awareness about home automation, but now people are asking for it. There is a need for customized solutions that are simple and intuitive enough not to alienate different members of a household.
Commenting about the current investment, Shyam Menon, investment director, Infuse Ventures, said,
People are really comfortable with technology now, and because of that comfort, convenience adoption of home automation has come to the fore. We believe Silvan will succeed because they are using the learning from servicing the early adopters and builders, in designing their products to suit what people really want.
Silvan officially started its operations in 2008. Since its launch, the company has worked with many prestigious developers such as Lodha, Prestige, Brigade, Tata Housing, etc. It claims that its products are currently being deployed to completely automate over 2,000 homes. It also claims to have implemented its solution in about 40 projects across the country.
Interestingly though, the company has already raised a total of ₹13.5 crore in multiple rounds, thus dwarfing the current ~$1Mn round in numbers. Silvan closed a ₹3.5 crore from Chennai Angels in January. Last year, it generated revenues of ₹8 crore.