Bengaluru-headquartered MyGubbi, a fast growing online home interior decor and furnishing startup has raised $2.7 million in pre-series A funding in a round led by the family office of Firoze Irani; Vipul Parekh, co-founder of BigBasket; Ananda Kallugadde, co-founder of NeoBytes; and Rajesh K Murthy, president of Infosys, among others.
According to the home interiors startup, the latest proceeds will be deployed primarily towards growing the business, reports ET.
Mygubbi was founded by NITK Surathkal alumnus Umesh Sangurmath and Ravi Rao in 2015. Sangurmath and Rao had earlier co-founded food and grocery retail chain Smart, which they sold to Mumbai-based Wadhawan Group.
“We would look at going deeper into existing markets, as well as strengthen our backend. We are also setting up a design centre of excellence in Bengaluru, which is where these funds would be deployed,” Sangurmath said.
A consumer tech company, MyGubbi enables customers to design their dream home, and offers to choose a range of sophisticated designs with 3D renders to get their home the right look.
While MyGubbi primarily targets new homeowners who buy properties from ₹40 lakh to ₹1.3 crore, it also handles remodeling requests.
Eyeing on expanding its services to Mumbai, Pune, Mangaluru and Coimbatore, the startup had raised about $2.3 million last year in seed funding from multiple angel investors led by Vipul Parekh, co-founder of Big Basket, Ananda Kallugadde, co-Founder of NeoBytes and Rajesh K Murthy, EVP of Infosys.
Other players in the segment include HomeLane.com, Livspace.com, UrbanLadder, and Pepperfry.
Mumbai-based Pepperfry, a furniture, and home furnishing marketplace is planning to explore furniture rental space as it aims to strengthen volumes and increase its customer base.
On the other hand, the Department of Industrial Policy & Promotion (DIPP) has approved the single brand retail trade (SBRT) licence to online furniture marketplace Urban Ladder. The move will allow the company to build a strong offline presence in the country.