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Online Furniture Startup Homestudio Raises USD5 Million in Seed Funding
Bangal ore, India : Deline Living
India Pvt Ltd, which operates online
furniture store Homestudio.com, has
received USD5 million (Rs 33.4 crore) in
seed funding from real estate firm Bren
Corporation according to a report by VC
Circle.
In a company statement, the Bangalorebased
company said it will use the
funds to ramp up technology, improve
warehousing and delivery mechanism,
and enhance customer experience.
Bangalore-based Bren Corporation,
founded in 1973, executes projects in the
residential, office and retail segments.
“We see the Indian furniture market still
nascent and non-organised. The market
has not evolved with the changing needs
of the Indian consumer exposed to
global trends,” said Alok Duggal, chief
operating officer of Homestudio.
Founded in November 2015, Homestudio
is a furniture solutions provider that
sources both finished and madeto-
order products imported from
Germany’s Nolte group. According to the
statement, Homestudio will soon start
sourcing furniture products from Italy.
Currently operational only in Bangalore,
Homestudio plans to expand its services
to all the major cities within the next 12-
18 months.
A number of online furniture startups
have set up operations in India in
recent years. These include HomeLane,
FabFurnish, LivSpace and Pepperfry.
Stitchwood and Woodenstreet operate in
the custom-made furniture e-commerce
segment.
Earlier, Hyderabad-based Hinshitsu
Manufacturing Pvt Ltd, which runs
custom-made furniture e-tailer
Customfurnish.com, secured Rs 30
crore (about USD4.5 million) in a fresh
round of funding from Bangalore-based
family office Agnus Capital.
In April, Bangalore-based Urban Ladder
Home Decor Solutions Pvt Ltd, which
runs online furniture shop Urban Ladder,
secured USD50 million in a Series C
round of funding led by Sequoia Capital
and TR Capital. Existing investors
Steadview Capital, SAIF Partners and
Kalaari Capital also participated.
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