Mygubbi.com, a fast growing online home interior decor and furnishing company, today announced that it has raised $2.5 million in seed funding from multiple angel investors
led by Vipul Parekh, co-founder of Big Basket, Ananda Kallugadde, co-Founder of NeoBytes and Rajesh K Murthy, EVP of Infosys.
MyGubbi has been offering home interior decor and furnishing solutions in Bengaluru since September 2015 and has over 50 successful home completions in a short time span.
myGubbi is gearing up for an accelerated growth path as it aims to secure a sizeable share of the Home interiors market.Ravi Rao, Co-Founder, myGubbi, said that the company 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 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", said Rao.
The myGubbi model addresses a key challenge in the execution of home interiors: providing end-to-end solutions from designing to execution, along with the flexibility of customization.Umesh Sangurmath, Co-Founder and CEO, said that, "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."
Rajesh Murthy who has been handling multi-billion dollar business for Infosys can relate to the scope of technology to change the interior business."Interiors and Decor is a high touch point and large ticket size business that needs high service delivery standards. I believe myGubbi is making the right investments and building a strong model to establish service delivery standards that will be hard for others to emulate" said Murthy.
myGubbi is an online home decor
and furnishing company (Orange Gubbi Technologies Pvt. Ltd.)
Founded by Umesh Sangurmath - an alumnus of NITK, Surathkal who has 25 years of experience of working in large MNCs including Wipro and Future group and Ravi Rao who is also from NITK and an IIMB alumnus with experience in Infosys and Accenture.
, home interior decor
, angel investors
, Vipul Parekh
, Big Basket
, Ananda Kallugadde
, Umesh Sangurma