Mumbai-based furniture portal Stitchwood has raised a second round of angel funding of $394K(INR 2.5 Cr) led by angel investment club Powai Lake Ventures. Other investors in this round include Ajeet Khurana and two other angels. The company will be using this money to grow its technology and operation team and as marketing spend, focusing on digital and social media.
Launched in March this year by two IIT-Bombay alumni Ajit Shegaonkar and Vikas Nair, StitchWood offers customers an experience to customize furniture and even upload pictures or designs they wish to be designed for them. When a customer places an order, it is outsourced to a vendor.
It has expanded its concept of its ‘Dream Sofa’ to other furnitures like dining tables, bed, wardrobes as well. It offers six basic styles for sofas which can be customized to over 10,000 variations involving fabric, arms, legs and cushion sizes.
The company previously raised $100k from Ajeet Khurana and other angels. They claim to have ramped up sales by 4 times in three months with selling 25 pieces of furniture to date at an average ticket size of INR 50,000.
Ajeet Khurana, says, “I have observed the founders since before the seed round, and am excited to see how fast they make and implement sound decisions. And the results are there for anyone to see in their business traction.”
Indian furniture retail is valued at being the 14th largest furniture market in the world and is said to be a $10Bn market which is expected to see multifold growth in near future. At this pace, Online home furniture in five years will be 15-20% of the furniture industry, which means roughly $1.5-$2 Bn, making it alluring to investors.
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