Receive News Updates by E-Mail
Connect with us

Proptech Stories

RealtyNXT In An Exclusive Conversation With Supratik Ghatak, Renewate

Kritika Rawat

Published

on

proptech

All their users ranging from establishment owners/managers, architects/interior designers or contractors/material merchants can find the right tools & a range of services from Renewate to help them at every step of renovation. Read on for excerpts from the conversation.

1. Please tell us briefly about your company Renewate and about your co-founder and yourself.

As more and more Indians move into urban homes and commercial properties keep changing hands, renovation becomes crucial. Add to that the demand from customers to real estate developers for ready-to-move affordable properties & for aspiration based design.  The industry promises to be worth more than USD 50 billion annually fueled by consumer demand and more home improvement material manufacturers entering the Indian market. However, the current renovation industry is marred with chaos and mismanagement. The industry dearly requires to be equipped with modern technologies, better work process techniques and proliferation of information, similar to what it has undergone in many developed nations. The need to propel more digital payments is also crucial for better workflows in the industry. Renewate uses the latest deep tech in Cloud, Mobile, Machine Learning, AI and AR with native language support bridging the gap and powering a new efficiency in the Industry. With the Renewate platform, the user gets a powerful tool to understand the requirements, visualize them in real-time and to complete the orders faster using fintech integrations.     

My co-founder Debashree is an architect with over 12 years of experience in this industry. She has worked with top architectural firms and real estate developers. 

I have a background in product marketing and management with over 15 years of experience. I have worked in senior roles at major tech and telecom companies. I also co-founded and successfully exited a company in the cloud computing industry prior to starting Renewate.

 2. How did you get involved in the first place, what was the need gap that you noticed which gave birth to Renewate?

India over the last few decades has seen phenomenal growth in infrastructure development, modern buildings retail spaces and housing. Indian consumers are more informed today, making their choices online, booking services using a smartphone and are demanding world-class solutions for their homes, offices and showrooms. Several manufacturing companies are making their way to India with their products for the modern Indian home. However, the Indian contracting and design industry has not been able to keep pace with this new India, still using archaic methods of design, development and work process. It has lead to a chaotic unorganized, redundant sector with far below par contribution to the Indian economy. The sector has the potential to become a 100 Billion dollar industry as per the reports of several research organizations. The industry dearly requires to be equipped with modern technologies, better work process techniques and proliferation of information, similar to what it has undergone in many developed nations.

3. Who are your customers for this product?

The contracting industry in India is going to create multiple employment opportunities, several micro-entrepreneurs and also allow manufacturing/reseller companies leverage this service force to contribute towards the nation’s economy. Many of the contractors that we partner with are at the bottom of the pyramid when it comes to literacy & education but really up the chain when it comes to showcasing high-value skill sets. Renewate currently partners with thousands of contractors, designer companies, small & medium decor shop owners and has empowered them to use easy to understand technology to improve sales cycles, manage their business better and substantially increase their revenue. Growth in this industry will further help growth in many aligned industries, increase employment and encourage entrepreneurship to further transform India into a modern developed nation. 

 4. What’s your go-to-market strategy?

Renewate’s biggest USP is its ease of discovery and use. Considering that our primary user base is new mobile-only digital users, we allow them to discover our solution on the mobile app store. The solution has been designed to be easy to use and targeted at the right set of features needed in the designing & contracting work cycle. We also partner with a large ecosystem of partners, enabling users to easily discover and use the solution. 

5. What’s your business revenue model?
With Renewate, the professional ( a designer, architect or contractor ) gets a new yet simple tool in their hands through which they can convert orders faster, efficiently process projects, get instant updates and get paid digitally. Renewate’s business model is based on monetizing on the transaction flow during the conversion of deals and work orders between the users and their end customers. This happens by allowing users to efficiently utilize multiple payment management features to their customers, partners, and vendors.  

6. What are the main challenges which you are still facing for your product?
Many of the contractors that we partner with are at the bottom of the pyramid when it comes to literacy & education but really up the chain when it comes to showcasing high-value skill sets. They are gradually adapting and becoming proficient with the use of smartphones. We want to reach to every service provider and contractor in the renovation space and have an exhaustive inventory and knowledge bank needed for renovation both from property owners and contractor’s side.

7. How technology is helping in Renewate growth’s story?
With Renewate, the new age contractor and designer gets a new yet simple tool in their hands, catapulting this new base of digital users into a more efficient, informed group. With just a smartphone, they can convert orders faster, efficiently manage projects, get information on the latest material trends and get paid digitally. Renewate uses the latest tech in AR and AI with native language support bridging the skill gap and powering a new digital India. Renewate is on a mission towards creating a shared economy for a better India, an aspirational India of millions of entrepreneurs in this industry.  

8. Can you share 5 sets of numbers in terms of statistics that define your 2019 growth?

Here are the statistics -We have seen over 1 lakh+ invoices generated by almost 25000+ users and designers across 15 + cities in India last year. We are observing a growth of 20%+ transactions month on month. 

9. Anything you would like to add? 
Renewate is one of the final top Smart 50 startups, who are poised to transform India as part of the Smart 50 challenge organized by the Department of Science and Technology, Govt. of India and IIM Calcutta in collaboration with NDTV. 

ALSO READ: Local Measure is a customer experience platform that identifies your on-premise customers: Jonathan Barouch, Founder

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

© 2020 RealtyNXT | All Rights Reserved.