Bengaluru-based OrangeGubbi Technologies Pvt. Ltd, which operates online home interior designing platform MyGubbi, has raised $2.5 million (Rs 16.33 crore) in a pre-Series A funding round.
The funding round was led by the family office of angel investor Firoze Irani along with existing investors Vipul Parekh, co-founder of grocery e-tailer Big Basket; Ananda Kallugadde, co-founder of computer software and consulting firm NeoBytes and Rajesh K Murthy, president of software services giant Infosys, the firm said in a statement.
The company will use the funds to expand its presence in existing markets, strengthen its backend and to set up a design centre of excellence in Bengaluru, MyGubbi’s co-founder Umesh Sangurmath said.
The company had last raised $2.5 million in March 2016 from nearly 20 angel investors that included Parekh, Kallugadde and Murthy, media reports stated.
Founded in 2015 by Sangurmath and Ravi Rao, MyGubbi offers interior design and home decor solutions across categories including kitchen, wardrobe and storage. The company claims that all its orders are delivered and completed within 45 days and it offers a five-year warranty. The firm partners with brands such as Hettich, Hafele and Century Ply to source its requirements. It uses automated tools to streamline its process which helps reduce lead time.
An electrical and electronics engineering graduate from NIT Surathkal, Sangurmath had previously served at Future Retail, Wipro and Kirloskar Electric. Co-founder Rao, an NIT Surathkal and IIM Bangalore alumnus, had previously worked at Accenture, iGate and Infosys.
MyGubbi—which currently operates in Bengaluru, Mangalore, Chennai and Pune—claims to have offered its services to more than 600 homes to date, according to it website.
A couple of ventures in the broader home improvement sector have received investor funding recently.
In September this year, Bengaluru-based Homergize, a sourcing and services company catering to the construction and remodelling industry, raised $1 million (Rs 6.5 crore) in a pre-Series A round of investment from LG Chandrasekhar, the chairman of Sutures India.
In July this year, Bengaluru-based GS E-Commerce Pvt Ltd, which owns and runs online interior design platform Design Café, raised an undisclosed amount of funding from early-stage investment firm Fireside Ventures, micro venture capital fund Sprout Capital, founder of the Salarpuria group of companies Apurva Salarpuria and angel investor Siddharth Pansari. Leave Your Comment