Interior designing brand Bonito Designs has raised $6.3 million in its Pre-Series A round of funding led by Tomorrow Capital.
The Bengaluru-based startup will use the fresh capital to extend its operations and ramp up the production. A significant portion of the funding will be allocated for R&D to improve delivery, personalisation, and international appeal.
Apart from Bengaluru, Bonito is also eyeing markets in other cities such as Mumbai, Pune, and Hyderabad, said the company in a press statement.
Founded in 2012 by Sameer AM and Vathsala CR, Bonito Designs is a customised interior space creator that offers curated yet cost-effective designs for customers.
The startup caters to both luxury and budgeted houses as per the requirement of the customers with the help of psyche analysis tool.
In the interior designing market that is estimated to be Rs 20,000 crore, Bonito competes with some of the well-funded startups such as HomeLane, Livspace, Design Cafe and Flipspaces.
In January, Flipspaces raised $3.5 million from Carpediem Capital. Prior to that, Design Cafe raised Rs 200 crore from WestBridge Capital in an equity financing round.
The lead investor Tomorrow Capital is a $100 million early-stage strategic investment fund. The Mumbai-based firm focused on helping early-stage businesses with capital and access to blue-chip talent, industry networks, and resources for growth.
