Foyr, a VR-based home decor provider startup has raised ₹28.7 crores ($4.2 million) in an extended series A funding from SRI Capital, among its other existing investors. It had earlier raised ₹24 crores ($3.8 million) in series A funding in last December.
SRI Capital’s investment of ₹13.7 crores ($2 million) marks its first investment from a recently launched $100 million fund based in Philadelphia, USA. Among existing investors, Jones Lang LaSalle (JLL), along with other individual investors participated in this round with an investment of ₹15 crores ($2.2 million).
The funds raised will be used to enter the US market, which is expected to be the largest market in two years, as stated by the company.
Doc Parghi, a partner at SRI capital, said, “We are delighted to back a seasoned tech executive like Shailesh Goswami who has built world-class products at Microsoft earlier before founding Foyr. We intend to help him acquire the first few customers in the US and set up his sales presence here.”
Foyr, a startup that provides a VR-based interior designing platform was founded by Shailesh Goswami in 2014. Foyr is a Singapore-based startup with its development center located in Hyderabad. Currently, Foyr’s client list includes over 80 property developers in India and Singapore, along with more than 150 architects and interior design firms.
VR reality is a booming industry with a growing market in India. VR reality has the potential to augment many verticals including, gaming, online shopping, education, real estate, healthcare, among many others.
According to Digi-Capital, a consulting firm, the global market for VR is expected to reach $85 billion to $90 billion, while AR is expected to reach $10 billion to $20 billion by 2022. Goldman Sachs expects the market opportunity for VR in consumer real estate industry to be worth around $2.5 billion alone by 2025.
There are quite a few VR players in the Indian market, these are expected to grow considering the deluge of funding in the Indian startups market and the potential of VR across different industries.
Along with Foyr, SmartVizX is another big VR-based player in the real estate space. SmartVizX had recently raised ₹10 crores ($1.45 million) in pre-series A funding. Other players in the home decor space include Livspace, Urban Ladder, Housify, etc.