Mumbai-based customised furniture startup Stitchwood which owned and operated by Tangramme Furnishing Solutions Pvt. Ltd, has raised $200,000 (around Rs 1.3 crore) in its third round of funding from Deepak Gupta, co-founder, Equity Crest and a bunch of unnamed angel investors, including high-net worth individuals (HNIs).

“We plan to raise about $400,000 in the third round of funding and have already raised $200,000. We have also got a commitment of another $100,000,” Ajit Shegaonkar, co-founder, Stitchwood told Techcircle.

The startup aims to utilise the funds for operations, marketing initiatives and enhancing customer experience. In July 2015, Stitchwood had raised $400,000 in an angel round from members of Powai Lake Ventures and a few individual angel investors. It had earlier raised $100,000 in its seed funding round from angel investor Ajeet Khurana besides other investors.

Stitchwood was founded in 2014 by IIT Bombay alumni Ajit Shegaonkar and Vikas Nair, the startup allows users to design their own furniture using the tools on the platform or upload the image of the furniture on the platform. With the online 3D design tool, the company allows customers to visualise their furniture design and helps them create their own furniture.

Stitchwood is currently serving customers in Mumbai, Bangalore and Delhi-NCR region and claims to be growing by 45% on a month-on-month basis. The average ticket size of customised furniture sales is more than Rs 1 lakh. The startup gets about 1000 queries on a monthly basis. Also, the firm has so far tied up with more than 200 micro, small medium enterprises (MSMEs) to manufacture the furniture.

The other players operating in the customised furniture segment is also catching investor interest. In January, Bangalore-based startup Infurnia Furnishings Pvt Ltd had raised seed investment of $160,000 from early-stage venture capital firm Idein Ventures.

In December last year, Hyderabad-based custom-made furniture e-tailer, secured about $4.5 million in a fresh round of funding from Bangalore-based family office Agnus Capital.

In the same year, Bangalore-based Home Solutions Pvt. Ltd, received $3.5 million in a Series A round led by existing investors Accel Partners India and Singapore-based VC firm RB Investments.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.