Arrivae, a made-to-order furniture manufacturer and home improvement company, has raised Rs 50 crore (around $7 million) in a Series B funding round led by the Havells Group, the company said in a release on Monday.
The round also saw participation from Emerge Capital and existing investors.
In October, VCCircle reported, the furniture maker had raised Rs 50 crore led by Rakesh Jhunjhunwala with 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.
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, the statement said.
“I believe in the massive size of the opportunity; the value shift from unorganised onsite work to organised custom-made factory finish deliveries, the integrated supply chain defensibilities and the prospect of solving the inefficiencies of time, cost and hassles faced by a customer,” Kela said.
Kela is also Founder of Singularity AMC, which invests in Series B and D stage firms, according to his LinkedIn profile.
Anil Rai Gupta, Chairman of Havells Group said, “As the large Rs 4 lakh crore fragmented global home improvement space sees a value shift from unorganised to organised, there is a great opportunity, but not without its unique challenges. In this context, Arrivae stands out in both how they have built an integrated supply chain while solving the problem of design variety for the consumer, and the capital efficiency of their model.”
The company has a presence in 19 cities through 35 stores.
The furniture and home improvement segment has witnessed investor interest in recent times.
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.