Mumbai-based physical storage solution startup BoxMySpace, has closed seed funding of $298K (INR 1.9 Cr.) led by Farooq Oomerbhoy, cofounder of Orios Venture Partners, Singapore Angel Network and Ritesh Veera, tells founder Pratyush Jalan.
The startup plans to use the funds raised to expand its operations to other cities, starting with Bangalore and NCR region and strengthen its technology platform. Recently, it has expanded its operations to Pune, Nasik and Nagpur.
How It Works
BoxMySpace is an on-demand storage service helping people declutter their home and office space. It delivers high quality boxes directly to customers’ doorsteps and users need to pack and store all their clutter in the boxes. The startup then collects the boxes and store them safely. Customers can get their boxes back anytime and anywhere within 24 hours with just few simple clicks online. The whole process of ordering boxes, pickup and calling it back is done through its Android/iOS app.
Once the boxes are stored with BoxMySpace, it uploads the top-level picture of the box and its content description to the customer’s account. So they get a full visual catalogue of all their items – Dropbox for Physical Storage.
Launched in January this year, BoxMySpace has already served over 100+ customers and has over 500+ boxes stored in its facility. It started off with 1000 sq.ft and now has a 12,000 sq.ft to cater to the growing demand.
BoxMySpace has a subscription based monetization model where it charges customers based on standardised rates per box per month.
The on-demand storage industry is gaining strong foothold in US market with estimated revenues of $24 Billion as of date, double the size of the Taxi Market ($11 Billion). With the growth of urbainzation in India, micro-living, space constraints BoxMySpace can become a much needed solution. Similar entrants in the US, MakeSpace & BoxBee have raised $10 Mn & $7 Mn respectively and BoxFul in HongKong has recently closed a $8 Mn round.