Mumbai-based home security startup Biizlo has raised around ₹3.5 crore ($500,000) in an angel funding round. The round was led by Joge Bharadwaj and Ritesh Sharma, Directors of Mumbai-based Eagle Group, as reported by VCCircle.
The funds raised will be used to boost sales, along with operations, marketing, and technology.
Biizlo, owned and operated by Saaibizz Ventures, was founded by former Indiabulls executive Nishant Katyal in 2017. The startup offers home security through its mobile app for society residents. Bizzlo aims to change the way residents manage & authorize visitors and to allow residents to securely communicate & coordinate effectively for visitor entry & exit processes.
The residents get instant notifications in their apps, through the Biizlo Shield app, operated by the trained security guards at the entry gates, about the visitors and details of the visitors like a photo, mobile number, and vehicle number, among other details.
The startup is already operational in Mumbai and further plans to roll out its services in Pune, Hyderabad, and Bengaluru.
Nishant Katyal, Founder and CEO, Biizlo, said, “Biizlo plans to penetrate the market by giving more emphasis to a customer-driven approach. Our vision is to replace the archaic paper-based visitor management system, ensuring digitalisation of residential communities in order to have a crime-free city.”
According to Grant Thornton report, the security services market in India is a $6 billion industry, the gated-premise security market, comprising manual guards and security equipment, is estimated at $2 billion.
Other startups are looking to leverage the opportunity in the domain, in order to provide security solutions to society residents.
In October 2018, mobile security management solutions provider myGate raised ₹65 crore in a series A funding round led by Prime Venture Partners.