Hyderabad based CustomFurnish, an eCommerce venture in the furniture and home furnishing space, has raised Rs.30 crore in a fresh round of funding from Bangalore based family office Agnus Capital. This is the second round of funding raised by the furniture etailer founded by Madhukar Gangadi just eight months ago.
The startup plans to use the new funding for upgrading the technology base and strengthening its logistics to reach a wider customer-base across the country. It allows people to share the furniture requirements, and custom makes it as per their preference.
Madhukar Gangadi is also the Founder of Indian e-pharmacy, MedPlusmart.com. He has grown MedPlus into 1280 stores across 12 states.
At present, CustomFurnish.com offers its services in Hyderabad and Bengaluru and also planning to expand its presence to the other four metros. The company operates three manufacturing facilities in Hyderabad from where it manufactures kitchen cabinets, wardrobes, sofas and custom curtains.
The startup had raised Rs.16 crore in an earlier round from a group that includes Satish Reddy, Chairman, Dr. Reddy’s Laboratories, Srini Raju, Founder, Peepul Capital, Srini Koppolu, Founder, Hyderabad Angels and Anil Chalamshetty of Greenko group and Vamsi Krishna of Hetero group in the first round of funding.
The other funded players operating in the home furnishings space include Urban Ladder, HomeLane, FabFurnish, LivSpace and Pepperfry among others. Stitchwood and Woodenstreet are two other portals operating in the custom made furniture eCommerce space.