Bangalore-based online interior home decor and furnishing company, Mygubbi.com, has raised $2.5 Mn in seed funding from angel investors led by Vipul Parekh, co-founder of Big Basket, Ananda Kallugadde, co-Founder of NeoBytes and Rajesh K Murthy, EVP of Infosys.
MyGubbi was ideated by two friends and former executives of IT companies, Ravi Rao (former executive of Infosys) and Umesh Sangurmath (former executive of Wipro). They founded the startup in 2015, accompanied by Aiyappa A.S and Sunil Rao.
MyGubbi is an ecommerce platform that offers interior and furnishing solutions to buyers. It provides end-to-end home decor solutions from designing to execution, along with the providing customise furnishing for each home buyer.
The startup claims to have over 50 successful home completions till date.
Co-founder of myGubbi, Ravi Rao, told BS, that the seed funding is a testimony to the efficacy of our profitable yet scalable business model and high growth prospects.
With the newly raised capital, the startup is planning to head the growth path in order to secure a sizeable share of the home interiors market.
How Does It Work?
- MyGubbi has a team of in-house designers, who provide a range of customised designs that can be accessed by customers.
- The buyers can decide on the décor and furnishing either by themselves or taking assistance from the MyGubbi Experts.
- The company promises delivery within 45 days.
According to a report by Technopak, home furnishings will be a $30 Bn market by 2020, which includes modular fixtures, décor and hard line products.
MyGubbi competes directly with modular home furnishing solutions provider Homelane. It raised $54.2 Mn last year. Furniture marketplaces such as Urban Ladder and PepperFry raised $50 Mn and $128 Mn respectively. However, Umesh Sangurmath, co-founder of MyGubbi said that it is the modular part that the company focusses on.
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