Hyderabad-based furniture e-tailer Customfurnish.com has raised $2.5 million (about Rs 16 crores) from individual investors and Small Industries Development Bank of India (SIDBI), reports TechCircle. Founded by Madhukar Gangadi, Customfurnish.com plans to expand product offerings and set up manufacturing bases in Delhi and Kolkata in the next 6 months.
The report mentions that the investors include Satish Reddy, Chairman, Dr Reddy’s Laboratories; Srini Raju, Peepul Capital LLC; Srini Koppolu, former MD, Microsoft India Development Centre and Anil Chalamsehetty, Greenko Group in their personal capacities. SIDBI, the report says, invested Rs 3 crores of the total Rs 16 crores through debt. Customfurnish currently has a 30,000 sq.ft manufacturing unit and delivery centre in Hyderabad.
Currently, Customfurnish offers custom made furniture like sofa sets, entertainment units, wardrobes, beds and kitchen storage and units. It plans to use an online software which will let its users design furniture from scratch or make changes in existing models with virtualisation and a price update. According to a Business Line report, Gangadi said that a city’s manufacturing unit serves customers in a 200 km radius. Gangadi had previously founded MedPlus Health Services.
– Bangalore based fixed furniture e-tailer HomeLane had raised $4.5 million from Sequoia Capital, Ranjan Pai and Mohandas Pai last month. The funds will be utilised towards expansion to 10 new cities over 6 months.
– Bangalore-based interior decor marketplace Intruo.com raised an undisclosed amount in angel funding from a group of individual investors including Freecharge co-founder Alok Goel, Myntra co-founder Ashutosh Lawania, co-founder of Pro.com Rajalakshmi Subramanian and an unnamed Amazon employee among others earlier this month.