Interior design solutions startup Arrivae has raised INR 21 Cr as part of its extended Series B funding round from CaratLane cofounder Mithun Sacheti. The startup did not disclose the valuation at which the funds were secured.
The fresh proceeds will be used to expand its distribution, penetrate deeper into existing markets and boost supply chain.
As part of the deal, Sacheti has also joined the startup’s board, which currently comprises Ace Investor Madhusudhan Kela, Arrivae Founder Yash Kela and the company’s Chief Business Officer Raghav Bubna.
Commenting on the fundraise, Sacheti said, “With one of the largest design libraries in the sector, Arrivae’s #HoJayega sentiment, enabled by its integrated supply chain model and distribution for home improvement play (,) taking it closer to the consumer makes them well positioned to solve this problem for the consumers”.
“At Arrivae, Mithun’s trust in our brand is a tremendous source of encouragement for us. We are committed to enable better customer experience through integrated offerings and European inspired designs,” said Bubna.
Founded in 2018 by Yash Kela, Arrivae offers end-to-end and design-to-manufacturing home interiors offerings. It claims to have a catalogue of more than 10 Lakh products, and sells them in the range of INR 75,000 to INR 3 Cr.
Arrivae last raised INR 75 Cr in funding from multiple investors including Think Investments and Havells Group in 2022. It is also backed by marquee angel investors such as Rekha Jhunjhunwala, Dream11’s cofounder and CEO Harsh Jain, DMart’s chairman Ramesh Damani, among others.
As disposable incomes and ecommerce adoption grow, an increasing number of Indians now look towards professional home decor offerings to build their dream homes. Even though still a niche segment, this demand has transformed the industry from a fragmented one to an organised one.
As per a report, the Indian home decor market hovered around the size of $31.5 Bn in 2023 and is projected to reach the $67.4 Bn mark by 2032.
On the back of this, investors have also shown interest towards the burgeoning space and have backed a slew of startups in the domain. In November last year, home furnishing startup Varee bagged $4 Mn in a funding round led by Peak XV’s Surge.
source:inc42.com
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