B2B furniture solutions provider Hipcouch has secured $700K in its angel round of funding.
Launched in 2016 by Indian School of Business alumni Parikshat Hemrajani and Pankaj Poddar, the startup functions as a B2B portal, connecting furniture designers with verified vendors who create the furniture as per the orders from the designer. Designers can register themselves on the startup’s web portal and connect with vendors.
Parikshat Hemrajani, co-founder, Hipcouch said, “We are building a technology that will allow designers to get real-time quotes for orders that they are customising for home-owners and part of the proceeds from the fund-raising will help us build this solution.”
Hipcouch founders had earlier founded Dwll.in, a curated online network of interior designers based in Mumbai, which was acquired by end-to-end home design service provider and curated marketplace for homeowners and designers, Livspace, in May 2015.
As per a report by ET, the company has more than 100 vendors on board. It is currently operational in Mumbai and further plans to add 2,000 vendors on its platform and to expand to other cities including Bengaluru, Pune, Delhi/NCR, and Chennai.
In April 2016, Kishore Biyani-led Future Group acquired Rocket Internet-backed online furniture startup FabFurnish. In August 2016, home decor startup Livspace announced a $15 Mn (INR 100 Cr) funding round from existing backers Bessemer Venture Partners, Jungle Ventures and Helion.