SUMMARY
Wify will use the fresh capital to strengthen its technology and invest in training of blue-collar workers that are associated with the startup
Wify looks to strengthen its existing customer base and enter into new categories such as smart homes, commercial spaces, and industries in the next three years
Currently, Wify has a monthly revenue rate of nearly INR 2 Cr
Home furnishing startup Wify has raised $2 Mn in its Pre-Series A funding round led by Blume Founders Fund and Unitus Ventures. Singularity Ventures and HePo NL also participated in the funding round.
Wify said it will use the fresh capital to strengthen its technology and invest in training its blue-collar workers associated with the startup and perform home furnishing services. The startup also plans to expand its geographical footprint across India.
Further, Wify looks to strengthen its existing customer base and enter into new categories such as smart homes, commercial spaces, and industries in the next three years.
“We are excited to partner with Unitus Ventures and Blume Founders Fund as we prepare for the next chapter in our journey. In the coming two years, our goal is to become the most trusted partner for on-site services by adding over 100k technicians to our network who have been skilled, trained, and certified by us to perform high-quality professional services,” said Vikram Sharma, CEO and cofounder of Wify.
Founded in 2019 by Vikram Sharma and Deepanshu Goel, Wify is a full-stack B2B and B2C tech platform for post-purchase home furnishing services. The startup helps companies to streamline and manage their customer orders throughout the product life cycle. It also upskills blue-collar workers and enables them to perform home furnishing services.
“Indian consumers rely on brands for various on-site services. Similarly, brands have to depend on third-party service providers to cover broad geography. This leads to an unbalanced scale between demand and supply, and a lack of uniform consumer experience. Wify is here to bridge this gap by providing a tech-enabled platform for brands to meet customer expectations throughout their product life cycle,” Sharma said.
According to the startup, its revenue has grown by 3x since July 2021, clocking a monthly revenue rate of nearly INR 2 Cr. In 2021, it secured INR 5.7 Cr from Unitus Ventures and other investors. So far, it claims to have served over 100 B2B and more than 2 Lakh households across 60 Indian cities.
The startup’s clientele includes names like IKEA, Livspace, Homelane, Amazon, and Hettich, among others.
It is also said to have trained over 3000 blue-collar workers so far.
In the home furnishing sector, it faces competition from the likes of HomeLane, Livspace, Kraftinn.
According to a report, India’s home decor market, which is pegged at $32.14 Bn in 2022, is likely to become a $39.44 Bn segment by 2027. The industry will grow at a CAGR of 4.18% by 2017.
Meanwhile, another report states that the country’s home furnishing market is anticipated to grow at a CAGR of 8.77% during 2022-2027.
