[Funding alert] Deep tech startup ReNEWate raises $272K in pre-seed investment from Better Capital
Renewate Infrastructure Technologies Pvt Ltd (ReNEWate), a Pune-based contract digitisation startup, raised a pre-seed round of $272,000 (Rs 2 crore) from Better Capital on Thursday.
The deep tech startup will use the raised funds to expand its product offerings, accelerate growth, and further the development of its technology offerings to simplify and improve the end-to-end workflow for property improvement professionals.
Founded by husband-wife duo Debashree Ghatak and Supratik Ghatak, ReNEWate helps millions of renovation contractors, property improvement professionals, and agencies to manage their business digitally.
“Millions of property improvement professionals and contractors are still using archaic and unproductive methods for running their businesses, losing time, as well as revenue. Renewate is filling an important gap in this multi-billion dollar industry by digitising contractors with a mobile-first vernacular-first app that brings simple, yet powerful tools to help them work smarter,” said Vaibhav Domkundwar of Better Capital.
Better Capital is an early investor in several SME digitisation innovators like Khatabook, Teachmint, BharatAgri, Saveo, and others.
ReNEWate offers a simple tool in the hands of real estate professionals to convert requests into confirmed projects faster. Its tools help the industry manage their leads efficiently and accept digital payments. Since it operates in a highly organised space, the Renewate app helps contractors save time, grow their business, and improve cash flow.
In a joint statement, Debashree Ghatak and Supratik Ghatak, Founders, ReNEWate, said, “We want to remove the common pain points that contractors and professionals face. Many of the contractors, who are our customers, are at the bottom of the pyramid when it comes to literacy and education but really up the chain when it comes to showcasing high-value skill sets. We found instant alignment with Better Capital, and we are glad to be partnering with them to build out our vision.”
The deep tech startup has earlier received a grant from the Department of Science and Technology, Government of India, for being one of the final top Smart 50 startups. Renewate was also part of Brigade REAP — Asia’s first proptech accelerator programme.