wordpress blog stats
Connect with us

Hi, what are you looking for?

Hyderabad-based Customfurnish raises $2.5M from group of investors

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. Similar players - 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,…

Please subscribe/login to read the full story.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ