Online home interior décor and furnishing company myGubbi.com today announced that it has raised $2.5 million in seed funding from multiple angel investors led by Vipul Parekh, Co-founder, Big Basket; Ananda Kallugadde, Co-Founder NeoBytes and Rajesh K Murthy, EVP of Infosys.
Announcing the funding, Ravi Rao, Co-Founder, myGubbi, said, “We started in 2015 and the seed funding is a testimony to the efficacy of our profitable yet scalable business model and high growth prospects. The only way to tap into the vast potential offered by the Indian home interiors market is to reach out to consumers through an online channel, yet provide enough offline touch points to cater to the pensive needs of individual home owners.”
The online furniture market size in India is estimated to be around $30 billion. “myGubbi has sound business principles based on unit economics, and we have clear visibility on achieving operational break even. Currently, the company is focused on setting up innovative technology driven systems and processes required for the e-commerce business”, added Ravi.
Elaborating on the expansion plans for myGubbi, Umesh Sangurmath, Co-Founder and CEO, says, “We have been gaining good traction in the Bengaluru market and are targeting a monthly run rate of about 100 homes in Bengaluru alone. We are also expanding to Mumbai, Pune, Mangalore and Coimbatore over the next few months. While we are sufficiently funded and are invested in developing our core assets, we are also in advanced stages of discussion with investors to raise Series A investment to accelerate our expansion into other cities.”
Commenting on the investment made Vipul Parekh said “What persuaded me to invest was the competence of the founders’ and their past track record of incubating and growing large businesses. I have strong belief in myGubbi’s capability to achieve scale and build sustainable business”
Announcing the funding, Ravi Rao, Co-Founder, myGubbi, said, “We started in 2015 and the seed funding is a testimony to the efficacy of our profitable yet scalable business model and high growth prospects. The only way to tap into the vast potential offered by the Indian home interiors market is to reach out to consumers through an online channel, yet provide enough offline touch points to cater to the pensive needs of individual home owners.”
Online home interior décor and furnishing company @my_gubbi Raises $2.5 Million in Seed Funding pic.twitter.com/yP2uan0e2s— Press Release Watch (@PrReleaseWatch) March 7, 2016
The online furniture market size in India is estimated to be around $30 billion. “myGubbi has sound business principles based on unit economics, and we have clear visibility on achieving operational break even. Currently, the company is focused on setting up innovative technology driven systems and processes required for the e-commerce business”, added Ravi.
Elaborating on the expansion plans for myGubbi, Umesh Sangurmath, Co-Founder and CEO, says, “We have been gaining good traction in the Bengaluru market and are targeting a monthly run rate of about 100 homes in Bengaluru alone. We are also expanding to Mumbai, Pune, Mangalore and Coimbatore over the next few months. While we are sufficiently funded and are invested in developing our core assets, we are also in advanced stages of discussion with investors to raise Series A investment to accelerate our expansion into other cities.”
Commenting on the investment made Vipul Parekh said “What persuaded me to invest was the competence of the founders’ and their past track record of incubating and growing large businesses. I have strong belief in myGubbi’s capability to achieve scale and build sustainable business”
