Boingg raises seed round of ₹2.2 crore led by Inflection Point Ventures
The funds raised will be utilized to increase marketing and branding efforts, along with hiring key team members
PremiumMUMBAI : D2C furniture brand Boingg has raised ₹2.2 crore in a seed round led by Inflection Point Ventures, one of India’s largest angel investment platforms.
The funds raised will be utilized to increase marketing and branding efforts, along with hiring key team members.
Boingg started the shipment and installation activities in December 2019. The focus of the products stays on strength, utility and safety of the kids. The Company works on an inventory-less model so as to save on real estate, storage and maintenance costs.
Vinay Bansal, founder and chief executive officer, Inflection Point Ventures, says, “The D2C segment in India is exploding, and we believe that this growth momentum is for the long term, which will carve out D2C as a strong category and a challenger to legacy brands. The furniture market, which caters to children, doesn’t exist in an organized manner, even in the offline space. Boingg is leveraging the D2C wave and tapping into a market where there is a willingness to spend on quality products. Their performance matrix and future growth plans excited us to back the company."
Boingg offers customizations in a real time, helping its clients fulfil the requirements of their kids with ease. With this, they also have products in all the categories related to setting up children’s rooms.
In FY20, 80% of orders received by Boingg were through marketplaces. The startup is listed on major furniture platforms such as Pepperfry, Urban Ladder, First Cry, Amazon, and Flipkart. Maintaining its growth, Boingg launched new products in decor and furnishings, and in the first quarter of FY22, 30% of its orders belonged to this category.
This exclusively crafted furniture range caters to the urban and semi-urban young couple with children aged from 0-8 years. These parents who are essentially the millennials wish for quirky, innovative and customized designs for their kids’ room, which otherwise comes at a high cost. Boingg works with a constantly-evolving extensive catalogue which is designed in-house to allow customers a variety of options to choose from. Hence, the customization requests are seamlessly executed, the startup said.
Indian Furniture Market is valued at ₹220,000 crore, out of which the organized online retail accounts for only 3%, although the market share is expected to grow to 24% for organized offline retail and 14% for online retail by the year 2025. The kids’ furniture market is estimated at ₹7,000 crore- ₹10,000 crore annually, witnessing a 5% year-on-year growth in the organized kids’ furniture segment since 2015, giving Boingg a large market opportunity.
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