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Delhi-based startup DesignBids, a marketplace for architecture and interior design services, today announced that it has secured an undisclosed amount of funding from the Indian Angel Network.
Ambarish Raghuvanshi and Arihant Jain from IAN have led this round of investment on behalf of IAN and will join the company board.
The company was founded in November 2015, and DesignBids has acquired over 100 projects with over 300 designers registered on the website in a short span of time. The projects include home interiors, offices, cafes, commercial architecture, hostels, salons, among others.
The company will use IAN’s investment to improve the technology, expand the team, and scale up operations in all the major metros.
DesignBids is a platform that connects projects owners with architects and interior designers by using a reverse-auction mechanism. The process is very similar to the floating of tenders, which is commonly practiced for government projects.
“DesignBids aims to centralize India’s Architecture ecosystem, which is currently disorganized with thousands of small players acting independently. We wanted to streamline the process” said Nithish Joseph Monson, founder and CEO, DesignBids. At present DesignBids has presence in Bangaluru, NCR and Mumbai.
Ambarish Raghuvanshi, the lead IAN investor commented on the invested saying, “Pricing for design services is still in the discovery phase for home owners and small businesses who are project sponsors/owners. Project owners have very little idea of pricing for such services. DesignBids solves this problem for them, while providing visibility to the project and the advantages of choice which comes with attracting interested designers (interior designers and architects).”
In the long term, DesignBids aims to evolve to include contractors, technical consultants, developers, and other service providers. The vision is to provide an A-Z portal for Design and Construction.
Construction industry in India has a market size of $120 billion. According to co-founder Shreya Bisht, “Construction tech is widely predicted to be the next big startup wave globally. There are hardly any offerings in this space in India. Moreover, the industry at the moment runs on a strong offline recommendation and referral system. Therefore, online visibility and engagement are very limited in this segment at present. DesignBids aims to be the enabler of construction-tech startups in India”.
How the platform works:
A project owner posts their requirement on DesignBids, and it becomes visible to all designers/architects in that area/city.
Designers interested in the project submit their proposal/bid for the project, which includes the total budget for the work, a brief portfolio or description of the design firm, and a rough design
The project owner then shortlists and selects a designer on the basis of the proposed budget, portfolio, design concept, and reviews.
