Furniture startup Customfurnish.com raises Rs 16 Cr from SIDBI, others
Hinshitsu Manufacturing Pvt Ltd, which runs furniture e-tailer startup Customfurnish.com, has raised Rs. 16 crore from a group of individual investors besides Small Industries Development Bank of India (SIDBI), reports TechCircle, citing a top company executive. The company will use the funds to expand its product offerings and set up manufacturing plants in Delhi and Kolkata within six months.
The investors include Satish Reddy, Chairman of Dr Reddy’s Laboratories; Srini Raju, Founder of city-based private equity fund Peepul Capital LLC; and Srini Koppolu, Former MD of Microsoft India Development Centre. SIDBI chipped in with Rs 3 crore out of the Rs 16 crore through debt.
“We aim to remove constraints of catalogue-based model of selling and replace it with an interactive approach that allows an infinite choice of designs,” Madhukar Gangadi, Founder and CEO, Customfurnish.com was quoted in the report as saying.
Launched in 2014 by serial entrepreneur Gangadi, it allows its customers to tailor their home furniture by choosing the colour, size, design and style of their choice. The software allows customers to change the design on models displayed at the portal. Customfurnish currently operates a 30,000-sq ft manufacturing unit and delivery centre in Hyderabad.