Aliste Technologies Raises $1 Million The funds will be used for geographic expansion and building brand awareness
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Smart home automation startup Aliste Technologies has raised $1 million in a round led by YourNest Venture Capital and Artha Venture Fund. The round also saw participation from Dholakia Ventures, KRS Jamwal, and Anikarth Ventures, among others. Existing institutional investors in the company include 100X.VC. Aliste, which has built a strong presence in NCR & has now expanded to Bangalore, is seeing phenomenal growth owing to its subscription-based model for its customers.
The funds will be used for geographic expansion and building brand awareness. High capex is one of the biggest reasons why smart home adoption in India remains one of the lowest in the world. With sub-1 per cent adoption of smart homes in India, Aliste Technologies is addressing a market opportunity while making home automation affordable and accessible. At a subscription cost of just INR 1 per appliance per day, a typical 3 BHK can now get automated at just ~INR 500 per month, compared to a conventional automation route requiring homeowners to shell out upwards of INR 1 lakh in a single go.
"We see a major gap in the consumer IoT segment in India. As aspirations of working Indians soar, we believe our solution has the ability to not only provide a well-packaged automation solution but also result in energy savings. Aliste's products are designed with the luxury and convenience of its users in mind while providing 10 – 15 per cent savings on their monthly electricity bills. Our aim is to save electricity worth $1 Million by 2025," said Anant Ohri, co-founder, Aliste.
"Aliste's innovative low capex and subscription model makes it unique and gives it the capability to scale at a rapid pace by targeting young adults in the expanding high-income and upper/middle-income demographics across India. The founding team has already been solving this problem for the last three years since their final year of college and has the motivation and energy to create a large global organisation," said Sunil K. Goyal, MD & Fund Manager, YourNest Venture Capital.
Founded in 2021 by VIT batchmates Aakarsh Nayyar, Anant Ohri, Bhavya Kansal, Konark Gautam, Shreyansh Jain, and Udit Pandoh, Aliste Technologies is addressing the home automation market to make tech-enabled homes within the reach of homeowners and businesses looking to provide an upgraded customer experience and save energy.
