Home furnishing startup Vaaree is looking to raise INR 20.78 Cr ($2.5 Mn) in Pre-Series A funding. The round will be led by Bengaluru-based venture capital firm Capier Investments.
Peak XV’s Surge Ventures, which has backed Indian startups like Ethereal Machines, InCore, Mindgrove and ZeroK among others, also participated in the round.
While Capier Investments will be infusing INR 12.47 Cr, Peak XV’s Surge is looking to invest INR 8.31 Cr in the round.
The board of directors of the company had passed a resolution in March to issue 3,063 Pre-Series A cumulative compulsorily convertible preference shares to raise INR 20.78 Cr, with a face value of INR 10 each, as per its filings.
The development was first reported by Entrackr.
Founded by Garima Luthra, Pranav Arora, and Varun Vohra in 2022, Vaaree is an omnichannel home decor startup, which offers products ranging from kitchenware and home decor items to bedding and furnishing.
Last year, the Bengaluru-based startup raised $4 Mn in a funding round led by Peak XV’s Surge, with participation from PeerCapital, All In Capital and Better Capital.
Source:inc42.com