Vaaree Secures ₹65 Crore Series A to Scale AI‑Powered Home Styling and Fulfilment

• The fresh capital will be used to expand Vaaree's fulfilment network, accelerate investments in its advanced AI-powered discovery experiences, including VibeCheck.

Vaaree, India’s curated marketplace for home décor and furnishings, has raised ₹65 crore in a Series A funding round led by Hero Enterprise and Cap Alpha Ventures.

Vaaree’s previous investors also include Peak XV’s Surge, PeerCapital, All In Capital, Better Capital, OTP Ventures and Kunal Shah among other investors.

The fresh capital will be used to expand Vaaree’s fulfilment network, enable faster deliveries and strengthen its AI-led styling and discovery technology, including VibeCheck, its proprietary home-styling experience.

Founders - Garima Luthra, and Varun Vohra

Vaaree was founded with a simple belief: Indian customers should not have to choose between quality, variety and accessibility while shopping for their homes.

Unlike crowded marketplaces built around endless listings, Vaaree follows a “curated, not crowded” approach. The company works only with carefully selected export-grade manufacturers and brands whose products meet its standards across quality, design and reliability. Vaaree partners with only around 3 out of every 100 brands/manufacturers that apply to them, to maintain quality and conducts stringent quality checks before taking any seller live

The platform offers products across home décor, furnishings, bed and bath, kitchen and lighting- from thoughtfully made products by Indian manufacturers to a growing selection from premium and global luxe brands for Indian consumers.

But Vaaree’s ambition goes beyond making quality products available online. The company is building technology to solve one of the biggest challenges in the category: helping customers understand what will look good together inside their homes.

Through VibeCheck, customers are able to discover products based on their personal style, create coordinated looks and moodboards, visualise how different products work together, and move from buying individual items to styling complete spaces.

Instead of expecting customers to scroll through thousands of unrelated products, VibeCheck is being built to understand their taste, room, colour preferences and styling intent- and translate that into personalised, shoppable recommendations.

“The problem in home category is not a lack of products. It is the lack of confidence customers feel while putting a space together,” said Varun Vohra Co-founder, Vaaree. “Most people know how they want their home to feel, but translating that into the right products is difficult. With VibeCheck, we want to give every Indian access to a personal home stylist, one that understands their taste, helps them visualise complete spaces and makes every recommendation instantly shoppable.”

“This funding allows us to strengthen both sides of that experience: technology that makes home styling simpler and fulfilment infrastructure that gets those products to customers faster.”

Vaaree’s model is also helping manufacturers and brands build sustainable, quality-led growth. By combining curation, merchandising, content, technology and fulfilment support, the platform enables deserving partners to reach relevant customers and scale without compromising their product or brand experience.

The company believes its AI-led discovery engine will also help high-quality manufacturers and brands get matched with the right customer, rather than competing solely for visibility in an overcrowded catalogue or diluting quality standards to lower prices.

“Vaaree is addressing a large and highly fragmented market with a differentiated, technology-led platform. I have always believed in the exceptional craftsmanship and artistic heritage of Indian artisans, and Vaaree is helping bring that excellence to consumers at scale. The company has built a world-class supply chain and a robust quality assurance framework, while leveraging technology to curate its product assortment, personalize the customer experience, and simplify what is often an overwhelming home styling journey. We are delighted to partner with Garima, Varun, and the entire Vaaree team as they build a trusted, category-defining destination for home and décor”, said Sunil Kant Munjal, Chairman Hero Enterprise.

“Vaaree is creating value on both sides of the platform - helping customers make better styling decisions while enabling strong manufacturers and brands to build quality growth. We look forward to supporting the company as it scales its technology and fulfilment capabilities”, said Himanshu Kohli, Managing Partner, Cap Alpha Ventures.

Use of Funds

AI-powered home styling and discovery

The company will deepen its investment in VibeCheck, its AI-powered styling platform designed to make shopping for the home more personalised, visual and intuitive.

VibeCheck will help customers:

• Discover their personal home style
• Create moodboards and coordinated room looks
• Find products that complement what they already own
• Visualise combinations across furniture, décor, furnishings and lighting
• Shop complete, personalised looks rather than isolated products

Over time, Vaaree aims to build VibeCheck into an intelligent styling companion that learns from customers’ preferences and helps them design every corner of their home.

Faster fulfilment

Vaaree will expand its fulfilment and quality-verification centres across key markets, bringing inventory closer to customers and reducing delivery timelines.

The expansion will enable stronger quality control, improve product availability and help the company move towards next-day and faster deliveries across major Indian cities.

Vaaree had earlier outlined its vision of combining AI-powered styling with an expanded Fulfilment and Quality Verification network to make home shopping faster and more intuitive.

About Vaaree

Founded in Bengaluru in 2022, Vaaree is India's largest curated marketplace for home décor and furnishings, offering more than 1,50,000 products across décor, furnishings, bed and bath, kitchen, lighting and other home categories.

The company partners with carefully selected Indian manufacturers, export-focused factories, emerging brands and established premium and luxury labels to bring thoughtfully designed, high-quality products to Indian consumers.

Vaaree is backed by Sunil Kant Munjal Chairman, Hero Enterprise and his daughter Shefali Munjal who are also the Founders of Serendipity Arts Foundation, recognized as South Asia’s largest multidisciplinary arts festival, Cap Alpha Ventures, Peak XV’s Surge, PeerCapital, All In Capital, Better Capital, OTP Ventures and Kunal Shah, among other investors.

Combining quality-led curation, AI-powered discovery and an expanding fulfilment network, Vaaree is building a trusted destination that makes it easier for every Indian to discover, style and create a home that feels uniquely theirs.

Hero Enterprise Forays into Digital Platform under the Name Mindmine NXT

COVID-19 - it's the topic that is dominating headlines universally. The Novel Coronavirus has completely upended normality, claiming lives, affecting the economy, creating financial stress and destroying businesses, in more ways than one.

The stock market, big corporates, large and small businesses and the job market have all been hammered by the virus. Given that the unexpected burden of the lockdown is significantly impacting industry operations and that the uncertainty of a recovery threatens substantial loss of livelihoods going forward, there is a need for us to decipher how to work through this crisis.

The inaugural edition of 'Mindmine​ NXT' webinar under the theme 'Corona Crisis: Beyond the Lockdown' is scheduled for Monday, April 13, 2020 at 5 PM. It features Sanjeev Bikhchandani, Founder & Executive Vice Chairman, Info Edge and T V Mohandas Pai, Chairman, Aarin Capital and Manipal Global Education in conversation with Akhil Bansal, Deputy CEO, KPMG India.

Mr. Sunil Kant Munjal, Chairman Hero Enterprise while announcing this digital initiative said, "In these times of social distancing, we thought it would be useful to have a platform to digitally share ideas and discover ways to handle, learn and recover from the crisis. Through this platform, we wish to convey hope, examine our preparedness and explore opportunities that could emerge as we eventually progress towards normalcy. Mindmine NXT marks Mindmine's foray into digital streaming within the fabric of free flowing dialogue."

Mindmine NXT, an initiative of the Mindmine Institute, is intended to be the next generation digital version of intellectual conversations built around subjects of importance to industry, economy and to Indians. Mindmine Institute, an independent think tank set up by the Hero Enterprise for over a decade has been conducting a number of initiatives that has attracted over 60 government ministers, more than 100 CEOs, policymakers, diplomats, industrialists and eminent citizens who have raised diverse issues impacting India, Indians and Indianness.

IoT Startup Zenatix Gets Acquired By Hero Electronix, Exiting Blume, Pi Ventures

Hero Electronix, an emerging tech unit of Hero Group, has made its foray into the Internet-of-things (IoT) space with the acquisition of Gurgaon-based enterprise IoT startup Zenatix. The financials of the deal remain undisclosed however.

As part of its fourth acquisition since its inception in 2015, Hero Electronix bought out all investors allowing investors -- Blume Ventures and Pi Ventures, make a decent exit. The other investors of Zenatix include Snapdeal co-founder Kunal Bahl, Rajan Anandan and Rohit Bansal.

The acquisition comes more than a year after Zenatix had raised $1.18 million of funding in a round led by Pi Ventures with participation of Blume Ventures, in February 2017.

In December 2015, the startup had raised undisclosed amount from Blume Ventures and Investopad. In total, Zenatix has raised $1.4 million in four rounds.

Founded in 2013 by Amarjeet Singh, Rahul Bhalla and Vishal Bansal, Zenatix is an energy data analytics company that provides energy management and analytics solutions.

In 2016, Zenatix launched its flagship IoT product called WattMan, which is a combination of IoT and AI helping large retail chains (e.g. supermarkets, QSR, apparel stores etc.) and Banks (for their branches and ATM) in improving their energy efficiency and automate other manual operations.

WattMan IoT involves installing sensor (such as energy meters, temperature sensors), controllers (ruggedised for India and emerging economies that experience power failure, voltage fluctuations and intermittent network connectivity) and actuators (that help complete the loop and control assets such as Air Conditioners, Kitchen Exhaust, ATM, Modem). Collected data (at high resolution) is also analysed to provide predictive and preventive maintenance alerts in real time for all business critical assets.

While we use IoT and big data analytics to introduce automation for retail and BFSI customers, through our partnership with Hero Electronix, we aim to expand these solutions to new areas and segments. The Indian IoT market is still at a nascent stage and with Hero Electronix as our partner, we aim to scale up to the next level,” said Rahul Bhalla, CEO, Zenatix.

With the acquisition of Zenatix, Hero Electronix is looking to invest Rs 300-400 crore in IoT including consumer products, which it plans to launch later this year. The company is targeting Rs. 1000 crore from the business.

Formed in 2015, Hero Electronix is the group's venture into the new technologies space. Sine its inception, the company has entered the semiconductor engineering sector with investment in Tessolve Semiconductor, and has acquired MyBox, a set-top box manufacturing company.

The above news was first reported in Economic Times.

[Top Image - Zenatix Co-founders | Via - TechInAsia.com]

IoT Startup Zenatix Gets Acquired By Hero Electronix, Exiting Blume, Pi Ventures

Hero Electronix, an emerging tech unit of Hero Group, has made its foray into the Internet-of-things (IoT) space with the acquisition of Gurgaon-based enterprise IoT startup Zenatix. The financials of the deal remain undisclosed however.

As part of its fourth acquisition since its inception in 2015, Hero Electronix bought out all investors allowing investors -- Blume Ventures and Pi Ventures, make a decent exit. The other investors of Zenatix include Snapdeal co-founder Kunal Bahl, Rajan Anandan and Rohit Bansal.

The acquisition comes more than a year after Zenatix had raised $1.18 million of funding in a round led by Pi Ventures with participation of Blume Ventures, in February 2017.

In December 2015, the startup had raised undisclosed amount from Blume Ventures and Investopad. In total, Zenatix has raised $1.4 million in four rounds.

Founded in 2013 by Amarjeet Singh, Rahul Bhalla and Vishal Bansal, Zenatix is an energy data analytics company that provides energy management and analytics solutions.

In 2016, Zenatix launched its flagship IoT product called WattMan, which is a combination of IoT and AI helping large retail chains (e.g. supermarkets, QSR, apparel stores etc.) and Banks (for their branches and ATM) in improving their energy efficiency and automate other manual operations.

WattMan IoT involves installing sensor (such as energy meters, temperature sensors), controllers (ruggedised for India and emerging economies that experience power failure, voltage fluctuations and intermittent network connectivity) and actuators (that help complete the loop and control assets such as Air Conditioners, Kitchen Exhaust, ATM, Modem). Collected data (at high resolution) is also analysed to provide predictive and preventive maintenance alerts in real time for all business critical assets.

While we use IoT and big data analytics to introduce automation for retail and BFSI customers, through our partnership with Hero Electronix, we aim to expand these solutions to new areas and segments. The Indian IoT market is still at a nascent stage and with Hero Electronix as our partner, we aim to scale up to the next level,” said Rahul Bhalla, CEO, Zenatix.

With the acquisition of Zenatix, Hero Electronix is looking to invest Rs 300-400 crore in IoT including consumer products, which it plans to launch later this year. The company is targeting Rs. 1000 crore from the business.

Formed in 2015, Hero Electronix is the group's venture into the new technologies space. Sine its inception, the company has entered the semiconductor engineering sector with investment in Tessolve Semiconductor, and has acquired MyBox, a set-top box manufacturing company.

The above news was first reported in Economic Times.

[Top Image - Zenatix Co-founders | Via - TechInAsia.com]

Hotel Aggregator OYO Rooms Raises $250 Mn From SoftBank Vision Fund And Hero Enterprise

Hotel aggregator OYO Rooms has secured  $250 million from its existing investor SoftBank, with new investor Hero Enterprise also coming on board, reports ETtech.

The Japanese telecom and internet conglomerate has invested through its $100 billion SoftBank Vision Fund, making this the second major bet placed by the world’s largest pool of private capital in India over the course of the last two months.

The latest transaction has also seen participation from Gurgaon-headquartered company’s existing group of investor which includes, Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. Also joining the company’s investor cap table is Hero Enterprise, the Sunil Munjal.

Commenting on the development, Sunil Kant Munjal, Chairman, Hero Enterprise, said, “The differentiated thinking and ingenuity that Ritesh and his team bring to this industry gives us confidence that OYO can scale, innovate and set new benchmarks in customer experience.”

According to ETtech report, a significant portion of the proceeds of the latest round of funding will be used by the company, which was founded by engineering college dropout Ritesh Agarwal in 2012.

OYO, which currently claims to operate 8,500 hotels and 70,000 rooms in more than 230 cities across the country, had raised $90-million funding round, split into two tranches, led by its largest shareholder SoftBank in August 2016.

Prior to this, OYO raised $100 million of funding in April 2016 from SoftBank only. Its other investors include Sequoia Capital, Greenoaks Capital, and Lightspeed Venture Capital, among others. OYO got its first round of funding from Venture Nursery, a Mumbai-based startup accelerator, in December 2012.

Notably, Venture Nursery has cashed out of the startup amid differences which cropped up between the startup accelerator and the OYO in 2015. Venture Nursery held around 2% stake in OYO, which it has exited netting Rs 60 crore in a secondary sale of shares. It had put Rs 2530 lakh in the startup’s first avatar Oravel Stays -an Airbnb clone -between 2012-13.

The firm competes with the likes of Nasdaq-listed online travel operators MakeMyTrip and Yatra, as well as Treebo Hotels and Fab Hotels that have all raised significant amounts of risk capital in 2017.

The SoftBank invests globally in the businesses and technologies that will enable the next stage of the information revolution, and make tomorrow’s world leading businesses possible. The fund invests across all technology sectors and geographies, including computational biology, data-driven healthcare, and technology-enabled pharmaceutical businesses.

In past six months, London-headquartered Vision Fund has closed two massive deals. Earlier in July 2017, SoftBank invested $2.5 billion in the homegrown e-commerce firm, Flipkart marking the biggest private investment in the country’s consumer technology sector. Whereas, in April, the firm invested $1.4 billion in Noida-based Paytm, valuing it at about $7 billion.

In earlier August 2017, the investment firm had invested $1.1 billion in Indian origin entrepreneur’s biotech startup, Roivant Sciences. In the same month, SoftBank again hit the road as the firm was in talks with a logistic startup, Rivigo Services to invest at least $100 million. It also invested $4.4 billion in office sharing startup WeWork.

With these investments, it is clear that SoftBank is ramping up investments in India at a rapid pace.

Hero Enterprise Invests $10M in Consumer Lighting Firm Corvi LED Light

Sunil Kant Munjal led Hero Enterprise has committed a strategic stake and shall invest $10 Mn in Corvi LED Light, a pioneering and technology-reshaping consumer lighting firm based in Mumbai that already has over ten Red Dot Design Award winning products under its belt. The addition of Corvi to the investment portfolio of Hero Enterprise reinforces Sunil Kant Munjal’s vision to empower entrepreneurship built around innovation, plus the ability to deliver value globally.

“I am very excited not just because of Corvi’s strong credentials in sophisticated and innovative product design, but also because here’s a great chance to democratise high-end technology. A combination of solid state technology, minimalist design and quality manufacturing allows a higher light output of light against per watt of power consumed; if we can scale appropriately, imagine the impact not just in India, but across the world,’’ Mr. Munjal said. He expressed confidence that Corvi would, in time, play an important part in not just showcasing India’s manufacturing capability, but also reduce dependence on imports – a true example of “Make in India”.

The investment fits in perfectly with the UJALA Scheme (Unnat Jyoti by Affordable LEDs for All); which is at the forefront of government policy to spread LED technology across the country.

“In the coming months, we will continue to back entrepreneurial ventures that can become global in scale, are technologically-focused, have innovative business models, and are anchored in the principles of inclusive growth,’’ Mr. Munjal added.

Expressing delight at the strategic investment made by Hero Enterprise, Mr. Vimal Soni, the founder and CEO of Corvi LED Light said: “The decades-old credibility and reputation of the Munjal Family, and this strong endorsement by Mr. Sunil Kant Munjal is just the tonic we needed to announce ourselves and showcase our ability to work around innovative technologies.’’ He added that Corvi already extensively uses 3D printing technology and digital simulations to develop new products; this investment should help boost Corvi’s intelligent product range and build presence in new markets.

The strategic investment in Corvi strengthens several other forays made by Hero Enterprise over the past year in the areas of e-commerce, digital learning, healthcare, women’s empowerment and children’s education. Hero Enterprise has also made a substantial investment in an impact investing fund that takes an entrepreneurship based approach to address the key challenges faced by the country today in terms of employment, education & skills, environment, healthcare and financial inclusion.

Hero Enterprise Invests Rs 100 Cr in Aavishkaar Bharat Fund

Leading industrialist, thought leader and Chairman of Hero Enterprise, Mr Sunil Kant Munjal announced an investment of Rs 100 crores into Aavishkaar’s new fund, the Aavishkaar Bharat Fund. The investment reflects Mr Munjal’s commitment to address the key challenges faced by the country today in terms of employment, education & skills, environment, healthcare and financial inclusion. This is also his endorsement of Aavishkaar’s entrepreneurship-based approach in tackling these issues with sustainable solutions.

Explaining the rationale for the investment, Mr Sunil Kant Munjal, Chairman, Hero Enterprises said: “At this stage in India’s evolution, it is clear that for the entire country to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities. Currently, most of India’s development has taken place in urban areas and in medium and large enterprises. So it is heartening that a number of small and brave entrepreneurs are getting into projects aimed at the Indian heartland. It is our turn to step in, provide support, and help create prosperity at the bottom of the pyramid.’’

Speaking about the investment, Mr Vineet Rai, Founder and CEO of Aavishkaar-Intellecap Group, said: “We know that Mr Sunil Kant Munjal does not normally make announcements of his investments, unless there is a compliance of a market requirement. But in this case, he agreed with us that this is something that needs to be encouraged, especially amongst other corporates. With this investment we can continue to build and scale enterprises that are working at the grassroots, whilst simultaneously multiplying their impact outcomes.”

Hero Enterprise is a widely diversified group that has a legacy of global scale enterprises in multiple areas, including bicycles, motorcycles, auto components, and a host of service businesses. It is now growing and consolidating businesses insurance distribution, training and cold rolled steel-making. The company is also investing in thoughtful real estate projects that seek to dramatically improve the quality of living for India’s middle class.

In addition, Hero Enterprise recently invested in a host of start-ups and select e-commerce ventures that aim to capitalise on India’s rapidly evolving demographics as well as the entrepreneurial energy of the youth. These investments are based on Mr Munjal’s vision of building businesses and ventures that can become global in scale, promote entrepreneurship, are sustainable, have innovative business models and technologies, and embed principles of inclusive growth.

Mr Munjal has also set up Serendipity Arts Foundation, which is tasked with promoting the arts, crafts and culture. This is being done by organising festivals across multiple disciplines, and undertaking residency and education programs in multiple arts disciplines. An attempt is also being made to help create lakhs of livelihoods by helping artisans with their craft, and connecting them with markets. The interests of the Aavishkaar Fund converge with a number of these areas.

Aavishkaar, a part of the Aavishkaar-Intellecap Group, is one of the global pioneers in impact investing. Since its incorporation in 2002, Aavishkaar has made more than 50 investments, across sectors and geographies including the low income states. It has raised five funds, delivering commercial returns with a total of ~INR 1300 Cr under management.

While Aavishkaar’s unique approach has resulted in its invested enterprises impacting over 56 million lives and creating over 150,000 jobs and livelihoods, Hero Enterprise too has been involved in promoting and supporting a large number of projects aimed at healthcare, community transportation, skill development, promoting women entrepreneurs, digital learning, holistic education for children, etc.

For his contribution to affordable health care, Mr Munjal has been honored by the Royal Society of Medicine in London. Similarly, Aavishkaar is the only Indian fund to be featured as a case study by the Stanford Business School.