Vendmart Retail Pvt Ltd, which runs direct-to-consumer (D2C) startup Wallmantra, on Friday said it has raised an undisclosed sum in a financing round led by revenue-based financier Velocity.
Founded in 2013, Wallmantra designs and sells wall and interior decor via its website and marketplaces like Amazon and Pepperfry. It offers more than 1,000 unique products like wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks among others.
“Wallmantra is now preparing for its next growth sprint with this round from Velocity. By deploying capital raised from Velocity effectively we have been able to double our revenues within 10 months. We’ve raised larger rounds at better terms as a result of our long-standing association with them," Shivam Agarwal, co-founder of Wallmantra, said.
The round also saw participation from Venture Catalysts, Lotus Herbals, the existing investors – Agility Ventures led by Dhianu Das and a consortium of HNIs advised by Instarto.
The funds raised will be used towards strengthening the tech platform, marketing, brand building, team expansion, and private label acquisitions. Vanity Wagon also plans to expand in the international market.
“The beauty segment has been taken by a storm of Clean beauty. This is driven by consumers’ demand to consume non-toxic beauty and personal care products. As brands in this segment continue to show robust growth, we see Vanity Wagon becoming a dominant marketplace in the clean beauty market in the next 2-3 years,” Prateek Ruhail, co-founder & CEO, Vanity Wagon, said.
The company said it has completed over 50,000 orders since its inception 2.5 years back and is now serving 1.3 lakh visitors on the website monthly. Vanity Wagon said it has recorded 4.5X growth in GMV and a 100% growth in partner brands since its seed round was raised in September last year.