SUMMARY
The latest round of funding will help Keus launch experience centres in major cities and strategically develop new products
The raised funds will also be allocated to developing new product offerings in home automation and lighting, strategically positioning the brand in the premium homes segment
Keus has deployed its smart home solutions in more than 1500 architect led premium homes in Hyderabad
Smart home automation startup Keus Smart Home has raised INR 100 Cr ($12 Mn) in a funding round led by mid-market private equity firm OAKS Asset Management.
While OAKS’ Consumer Fund led the infusion with INR 80 Cr, the company’s founders, Brijesh Chandwani and Subram Kapoor, participated in the round for the balance amount.
Hyderabad-based Keus Smart Home plans to use the fresh capital for opening its experience centres across cities like Delhi NCR, Bengaluru, Pune and Mumbai, expanding in tier I and II cities and strengthening its market leadership in Hyderabad.
Besides, the proceeds will also be deployed for developing new product offerings in home automation and lighting.
Founded by Chandwani and Kapoor in 2017, Keus is a design-centric smart home company known for its innovative wireless automation system tailored to the needs of premium Indian homeowners.
It claims to have collaborated with a host of architects and interior designers in Hyderabad to deploy its smart home system in over 1,500 premium residences.
Keus Smart Home also counts Vikram Nirula (founding partner, True North PE and former MD, The Carlyle Group PE) and Amit Mehta (director and head of family office at LNB Group) as among its backers.
“We are confident in our capability to redefine the industry and set a new consumer design and hardware innovation benchmark for India,” said Chandwani.
Vishal Ootam, founder and chief executive of OAKS Asset Management said, “We love Keus’ commitment to design thinking and their DNA of constant innovation and are confident that this will position them as the bellwether in this space.”
The development comes at a time when the smart home technology adoption is seeing an increased demand across India, fuelled by a growing middle class and urbanisation.
According to Statista, the projected revenue for the Indian Smart Home market is anticipated to hit $6.5 Bn in 2024, with an expected annual growth rate (CAGR 2024-2028) of 9.14%. This growth trajectory is projected to lead to a market volume of $9.2 Bn by 2028. The number of active households in India’s Smart Home market is also predicted to increase by 2028.
Some of the players in the space include Jio, Google, Apple, and Picostone, among others.
On December 12, 2023, Aliste Technologies, a startup specialising in smart home automation, raised $1 Mn (INR 8.3 Cr) in funding.
In August 2023, Reliance Jio introduced Jio Smart Home Services, enabling users to seamlessly control home appliances.
In December 2019, major US tech companies Apple, Google, and Amazon teamed up to enhance the ecosystem of internet-connected homes and smart devices.
