Arrivae, a made-to-order furniture manufacturer and home improvement company, has closed its Series B funding round with $10 million (Rs 75 crore) led by Think Investments and Havells Group with participation from Emerge Capital and existing investors.
In January, Mint and VCCircle exclusively reported the development of current fundraising.
In interaction with VCCircle, founder of Arrivae Yash Kela said fresh capital will be used to build the platform, team, and scale the business. He added, “We have grown 7% month-on-month for the last 16 months and would like to keep up with this momentum.”
“I believe in the enormous magnitude of the possibility; the value transfers from unorganised onsite labour to organised custom-made factory finish deliveries, the integrated supply chain defensibilities, and the prospect of fixing a customer's inefficiencies of time, money, and inconveniences," Kela said.
The company targets customers in tier 1 and tier 2 cities whose home value is between Rs 50 lakh to Rs 2 crore.
Emerge Capital's Sahil Jain served as a transaction advisor.
Founded by Yash Kela, Arrivae, which is operated by Singularity Furniture Pvt Ltd, offers custom interior design solutions from demand mapping to installation supported by in-house technology.
Kela is also the founder of Singularity AMC, which invests in Series B and D stage firms.
The company has a presence in 19 cities through 35 stores.
The furniture and home improvement segment has witnessed investor interest in recent times.
On December 15th, Arrivae raised Rs 50 crore (around $7 million) led by the Havells Group with participation from Emerge Capital and existing investors.
In October, VCCircle reported, the furniture maker had raised Rs 50 crore led by Rakesh Jhunjhunwala with the participation of the Enam family; Siddharth Yog, Founder of Xander Group; Anand Jain, Chairman of Jai Corp; Harsh Jain, Founder of Dream 11; and Ramesh S Damani, Chairman of DMart.
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.
