Boingg, a direct-to-consumer (D2C) furniture brand operated by Boingg Kids Pvt Ltd, has raised Rs 2.2 crore (around $295,000) in a Seed funding round led by Inflection Point Ventures, the company said in a statement on Wednesday.
The company said that the fresh funds will be used in increasing marketing and branding efforts, along with hiring key team members.
Founded in February 2019 by Neha Indoria and Dhruvan Barar, Boingg started shipment and installation activities in December 2019. The company said it works on an inventory less model so as to save on real estate, storage and maintenance costs.
In the financial year 2020, the brand said 80% of orders received were through the marketplace. The startup is listed on major furniture platforms like Pepperfry, Urban Ladder, First Cry, Amazon and Flipkart. Boingg has also introduced new products in decor and furnishings, and in the first quarter of FY22, 30% of its orders were from this category, the statement said.
“The D2C segment in India is exploding and we believe that this growth momentum is long term, and will carve out D2C as a strong category and challenger to legacy brands. The furniture market, which caters to children, doesn’t exist in an organised manner, even in the offline space,” Vinay Bansal, founder and CEO, Inflection Point Ventures said
“Boingg is leveraging the D2C wave and tapping into a market where there is a willingness to spend on quality products. Their performance matrix and future growth plans excited us, so we backed the company,” he added
The investment is IPV’s 39th deal in 2021. The venture firm said it is on track to invest Rs. 155 crore across 60+ startups by the year-end.
The furniture and home improvement segment has witnessed investor interest in recent times. In October, made-to-order furniture manufacturer and home-improvement company Arrivae, raised Rs 50 crore (around $7 million) in an external round led by business magnate Rakesh Jhunjhunwala.
In September, Design Café raised $25 million (Rs 166 crore) in its extended Series B funding round led by existing investor WestBridge Capital and joined by Sixth Sense Ventures.
In the same month, interior design platform HomeLane raised $50 million (Rs 371 crore) in a Series E round of funding led by IIFL AMC’s late-stage tech fund, Oman India Joint Investment Fund (OIJIF II), and Stride Ventures.
