Furniture e-tailer Customfurnish.com raises $4.5M from Agnus Capital
Hyderabad-based Hinshitsu Manufacturing Pvt Ltd, which runs custom-made furniture e-tailer Customfurnish.com, has secured Rs 30 crore (about $4.5 million) in a fresh round of funding from Bangalore-based family office Agnus Capital.
It will utilise the funds to upgrade the technology base and strengthen its logistics network to reach a wider customer base, said Madhukar Gangadi, founder and CEO, Customfurnish.com.
The company had raised Rs 16 crore ($2.5 million) in its first round of funding from a group of investors that included Satish Reddy, chairman of Dr Reddy's Laboratories, Srini Raju, founder of Peepul Capital, Srini Koppolu, founder of Hyderabad Angels, Anil Chalamshetty of Greenko group and Vamsi Krishna of Hetero Group, besides Small Industries Development Bank of India (SIDBI), in March this year.
o3 Capital was the sole advisor for the latest transaction, a statement from the company said.
Customfurnish.com was founded by serial entrepreneur Gangadi in 2014 and was formally launched earlier this year.
Customfurnish.com allows customers to choose the colour, size, and style of the furniture. The software allows customers to change the design of the models displayed on the portal.
At present, Customfurnish.com offers its services in Hyderabad, and Bangalore. The company plans to expand its presence to Delhi, Mumbai, Chennai and Kolkata. The company operates three manufacturing facilities in Hyderabad from where it manufactures kitchen cabinets, wardrobes, sofas and custom curtains.
Gangadi has earlier founded Hyderabad-based drug retailing and pathology lab chain Medplus Health Services. In 2008, he floated Cornerstone, a customised apparel brand retail chain. In 2011, he started Medplusbeauty.com, an online beauty store, which was later morphed to Medplusmart.com.
Gangadi holds an MBBS from Kurnool Medical College and an MBA from the Wharton School of Business.
In April this year, Bangalore-based Urban Ladder Home Decor Solutions Pvt Ltd, which runs online furniture shop Urban Ladder, secured $50 million in Series C round of funding led by Sequoia Capital and TR Capital. Existing investors Steadview Capital, SAIF Partners and Kalaari Capital also participated.
Other players in the online furniture retail include HomeLane, FabFurnish, LivSpace and Pepperfry. Stitchwood and Woodenstreet are two other portals operating in the custom-made furniture e-commerce space.