HomeStudio, an online portal which offers end to end modular home furnishing solutions, has raised $5million in seed funding from Bren Corporation, a real estate developer company based out of Bangalore.
The startup which was launched just a month back, will employ the raised capital towards bolstering its technology, hiring new talents, building warehouse facilities and offline studios.
The startup has tied up with international brands to source their fixtures and units at a discounted price to sell in India. Currently, it imports from Germany, but plans to soon expand to suppliers in Italy.
Commenting on the development, Alok Duggal, COO of the company maintained, “We plan to offer something completely new to the Indian consumer, through our international designs, expert know-how and a unique customer engagement process.” He added, “Our methodology will remove any surprises in what is planned and imagined and what is finally delivered and experienced.”
The furniture and furnishings market in India is estimated to be of $20 billion (the furniture market alone stands at $10 billion) in size and ranked as the fifth largest market in the world. However, on a per capita basis, the market is still under penetrated compared to more matured markets. While eCommerce players in fashion and electronics have witnessed massive customer adoption over the past few years, the furniture market is yet to reach such an exalted position in the online space. Nevertheless, given that the market is largely untapped, it renders a good opportunity to players to exploit its potential.