Foyr, a virtual reality based prop-tech startup has raised around ₹24 crore ($3.4 million) in its Series A funding round. With new capital coming in, the company will enhance its technology stack and launch new products by next year.
Commenting on this new fundraise, the company’s founder and CEO Shailesh Goswami stated,
We are thrilled to get funds from the strategic investors like JLLwhich will be pivotal in our expansion to newer markets in India and abroad. Real Estate is a high value transaction and we empower real estate buyers to make informed decisions by providing advanced technology to builders, architects & developers for visualization of their projects.
Foyr operates a technology platform which enables users to visualise real estate spaces. The company, founded in 2014, also offers customised interior design and end-to-end execution services. Headquartered in Hyderabad, Foyr is currently operational in Hyderabad, Jaipur, and Pune.
The company also offers a custom compression algorithm solution, an interactive 3D engine, and an AI enabled language solution that creatively describes the spaces to be designed, aimed at creatively conceptualising user’s living spaces.
In this space, Foyr competes with startups like MyGubbi, Livspace, Urban ladder, Pepperfry, Housify and Furdo among others. According to a report by Technopak, home furnishings will be a $30 billion market in India by 2020, which also includes modular fixtures and décor products.