Online furniture startup Homestudio raises $5M in seed funding
Deline Living India Pvt Ltd, which operates online furniture store Homestudio.com, has received $5 million (Rs 33.4 crore) in seed funding from real estate firm Bren Corporation.
In a statement, the Bangalore-based company said it will use the funds to ramp up technology, improve warehousing and delivery mechanism, and enhance customer experience.
Bangalore-based Bren Corporation, founded in 1973, executes projects in the residential, office and retail segments.
"We see the Indian furniture market still nascent and non-organised. The market has not evolved with the changing needs of the Indian consumer exposed to global trends," said Alok Duggal, chief operating officer of Homestudio.
Founded in November, Homestudio is a furniture solutions provider that sources both finished and made-to-order products imported from Germany's Nolte group.
According to the statement, Homestudio will soon start sourcing furniture products from Italy.
Currently operational only in Bangalore, Homestudio plans to expand its services to all the major cities within the next 12-18 months.
A number of online furniture startups have set up operations in India in recent years. These include HomeLane, FabFurnish, LivSpace and Pepperfry. Stitchwood and Woodenstreet operate in the custom-made furniture e-commerce segment.
Earlier this week, Hyderabad-based Hinshitsu Manufacturing Pvt Ltd, which runs custom-made furniture e-tailer Customfurnish.com, secured Rs 30 crore (about $4.5 million) in a fresh round of funding from Bangalore-based family office Agnus Capital.
In April, Bangalore-based Urban Ladder Home Decor Solutions Pvt Ltd, which runs online furniture shop Urban Ladder, secured $50 million in a Series C round of funding led by Sequoia Capital and TR Capital. Existing investors Steadview Capital, SAIF Partners and Kalaari Capital also participated.