Material Depot raises $10 Mn led by Accel and Stellaris Venture Partners

Interior design and home decor startup Material Depot has raised $10 million in a funding round co-led by Accel and Stellaris Venture Partners. 

The round also saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with a group of angel investors including Livspace founder Ramakant Sharma, Ankit Nagori, Shashvat Nakrani, Spinny founder Niraj Singh, Abhishek Goyal, and others.

The Bengaluru-based startup had previously raised over $4 million from Y Combinator and others.

The proceeds will be allocated to strengthen its technology stack across supply chain management, inventory planning, and assisted in-store selling, while also expanding its product portfolio and collections, and scaling its offline presence across cities, Material Depot said in a press release.

Co-founded in 2021 by Sarthak Agrawal and Manish Reddy, Material Depot is a B2B/B2C startup that operates as a digital-first, one-stop shop for construction, interior design, and home decor materials such as tiles, laminates, and plywood. The platform offers curated collections, 3D visualisation, and direct-from-manufacturer sourcing for designers and homeowners.

According to Material Depot, it follows an omnichannel model, allowing customers to discover products online and then visit physical experience centres to touch, feel, and compare materials before making purchase decisions.

The company features over 300,000 materials, including tiles, laminates, wall panels, and quartz. It operates as an omnichannel retailer with a strong focus on private-label brands, which make up roughly 60% of its portfolio.

Material Depot said that it currently operates three experience centres in Bengaluru. Over the next 12–18 months, it plans to expand to more than 30 experience centres across multiple cities and increase its customer base to over 50,000 from around 15,000 currently.