Bengaluru-based home decor and furnishings startup MyGubbi has secured $2.5 Mn Pre-Series A funding in a round led by the family office of Firoze Irani. The round also saw participation from existing investors, including Bigbasket co-founder Vipul Parekh, NeoBytes founder Ananda Kallugadde, and InfosysBSE President Rajesh K Murthy.
Commenting on the development, MyGubbi co-founder Umesh Sangurmath said:
The funds raised will primarily be used to strengthen operations in our current cities i.e. Bangalore, Chennai, Pune & Mangalore. In the immediate future we intend to expand to Hyderabad, as well. Our core focus would be to enhance customer delight through our distinctive experience centre
MyGubbi was ideated by two friends and former executives of IT companies, Ravi Rao (former executive of Infosys) and Umesh Sangurmath (former executive of Wipro). They founded the startup in 2015, along with Aiyappa A.S and Sunil Rao.
Commenting on the company, Sagarmath, said:
MyGubbi is envisioned as an ecommerce platform that offers interior and furnishing solutions to buyers. It provides end-to-end home decor solutions from designing to execution, along with the providing customise furnishing for each home buyer.
Adding to that, MyGubbi co-founder Ravi Anand Rao, said:
Since its inception, MyGubbi has concentrated on modular furniture, but given that décor & furnishing also play an integral role in setting up the home, we intend to further strengthen our presence in these categories.
The startup previously raised $2.5 Mn Seed funding in March 2016 from Vipul Parekh, co-founder of Big Basket, Ananda Kallugadde, co-Founder of NeoBytes and Rajesh K Murthy, EVP of Infosys. At the time, it was reported that the company would use the capital to secure a sizeable share of the country’s fast-evolving home interiors market.
With the help of a team of in-house designers, the home decor and furnishings company offer a range of customised designs and 3D renders that can be accessed by customers. Buyers can decide on the décor and furnishing either on their own or with assistance from the MyGubbi Experts.
The company boasts strong local ecosystems of vendors and service providers. MyGubbi currently uses automated tools to streamline their process right from the inception of the project until the delivery of the same. This helps reduce their lead time, which otherwise has been a major concern in this industry. Till date, MyGubbi has furnished more than 600 homes.
As per reports, the newly-raised funding will be spent on accelerating the startup’s growth and expansion.