Furnishka is an internet-first brand offering multi-category home furniture that secured Rs 27 crore from IndiaQuotient in its ongoing pre-series A funding round. This investment made the total funding around Rs 45 crore. The funding round saw the participation of existing investor Sparrow Capital and angel investors including co-founders of Udaan. The startup plans to use these fresh proceeds to scale its operations, enhance its product design, improve supply chain capabilities, and develop its market presence while expanding its services to new locations.
The company also intends to use some of this investment to expand its product categories and launch new products. The startup aims to transform India’s home furnishing market by addressing problems like high costs, long delivery times, and inconsistent service quality. Entrackr reported the development first. Furnishka provides a seamless shopping experience via its online platform and offline stores in Bengaluru that hold over 1,000 SKUs and customizable designs.
The company secured around 2.16 million USD across one funding round since its inception. This includes the funding raised from Beenext, Sparrow Capital, and others during the Series A funding round. The data intelligence platform, tracxn reported a post-money valuation of $9.92 million as of July 2023.
The company earns its revenue through sales of this furniture. The startup is focused on improving its supply chain innovation, localization, and cost reduction to deliver premium furniture and an affordable price. The company claims to have served over 10,000 customers and operates four large stores in Bangalore with a wide range of products. The investment will help the company strengthen its product development and expand its network in the market. Furnishka wants to expand its product offerings to premium living rooms, bedroom collections, and dining rooms, and create educational visual content to help customers select the furnishings.
The company develops home furniture across various categories to meet the diverse needs and demands of customers. This marks the second funding round for the startup since its inception. The development came just after the Indian furniture market saw increased investor interest. The market research showed that the Indian furniture market is expected to increase at a GAGR rate of 11.35 percent to 64.39 billion USD by 2032. The company faces competition from other internet-first brands that provide home improvement products such as WoodenStreet, Lalo, and Burrow.
Conclusion :
Furnishka is a home furniture manufacturing startup providing multi-category furniture in the home furnishing market. The startup raised fresh capital of Rs 27 crore from IndiaQuotient in its ongoing pre-series A funding round. This round brought the total funding to Rs 45 crore. The funding round saw participation from several investors including the Udaan co-founder Sujeet and Rmakant Sharma with the existing investor Sparrow Capital.
The company plans to use this amount to scale its operations, launch new products, and improve its product design and supply chain capabilities. Furnishka also intends to expand its offerings to new locations. The Indian furniture market is expected to grow at a CAGR Of 11.35 percent to $64.39 billion in the next seven to eight years.
Disclaimer – We have collected this information from various trustworthy sources on the Internet, and the facts have been checked manually and verified by our In House team.
