Excl: Bedbathmore.com raises Series A funding from Blume Ventures
Encompass Design India Pvt Ltd, which runs Bedbathmore.com, an e-commerce shop that focusses on home dÃ©cor, bed, bath and other furnishings, has raised an undisclosed amount in series A funding from Blume Ventures, a top company executive told Techcircle.in.
The money will be primarily used for building certain private labels and trying to establish a category leadership in next 12-18 months.
Bedbathmore.com is from the house of Creative Group, one of India's largest exporters of apparels and home furnishing to US and Europe which was founded more than four decades ago. The group has revenues of over Rs 3,500 crore with interests in textiles, apparels, renewable energy and real estate.
At present the site caters to 3,000 locations in the country and the company owns its own warehousing facility. Before launching Bedbathmore, it had also launched brandsanddeals.com, a lifestyle e-commerce venture.
Amit Dalmia, founder and managing director of the firm, said, "In the next 12-18 months we expect to see 30-40 per cent of our revenues coming from private label, at a bare minimum. Also we would like to bring down our delivery timeline and our customer acquisition cost."
The promoters have also put in fresh cash in the venture besides money from Blume Ventures.