The furniture portal CustomFurnish has raised Rs 16 crore in seed funding from serial entrepreneur and MedPlus Group founder Madhukar Gangadi. Also, it announced the launch of its services in Hyderabad. The other investors including Dr Reddy’s Lab Chairman Satish Reddy, Peepul Capital founder Srini Raju and Microsoft India Development Centre former Managing Director Srini Koppolu.
As per a BusinessLine report, out of the Rs 16 crore raised, Rs 3 crore was secured from Small Industries Development Bank of India (SIDBI). The company is planning to launch its services in Bengaluru and Chennai. Also, it plans to open a factory in Delhi in the next months.
Launching the portal, Madhukar Gangadi, founder and CEO of CustomFurnish said, “Each manufacturing unit can serve customers in a 200-km radius. While it takes care of the demand in large cities, the company is planning to open franchise-run outlets in tier-II cities.”
The website allows customers to customize their furniture and interior designer that suit their specific requirement. it allows customers to change design on the models displayed on the portal. each time, customer make a change , the software throws up the price for the altered product. It’s offerings include wardrobes, modular kitchens, entertainment units, and other fitted furniture along with sofa sets for the home.
The other playersalso included in the same space like Urban Ladder, HomeLane, FabFurnish, LivSpace and Pepperfry etc. Recently, Bengaluru-based HomeLane raised $4.5 million funding led by Sequoia Capital. In May 2014, online lifestyle marketplace Pepperfry.com had raised USD 15 million in Series C round from Bertelsmann India Investments (BII) with participation from existing investor Norwest Venture Partners (NVP). Also, online home decor retailer Urban Ladder had raised USD 21 million in Series B round led by Hong Kong-based Steadview Capital with participation from existing investors SAIF Partners and Kalaari capital.