The raised funds will be utilized to expand machinery, licensing, and the branding of the company
Gurugram-based furniture start-up Boingg has raised Rs 2 crore in a pre-series A round led by Inflection Point Ventures.
Boingg is a direct-to-consumer (D2C) brand that is focussed on creating furniture for children.
The company aims to utilise new funds to expand the machinery, licensing, and branding of the company. It has reportedly increased its physical footprint with the launch of a physical store in Gurgugram since the last fundraiser.
Launched in December 2019 by Neha Indoria and Dhruvan Barar, Boingg offers full customization of furniture that is focused on children and all elements of their home life. With real-time customisation, it helps parents in designing their kids’ rooms with furniture that is functional and completes the look. With this, they also have products in all the categories related to setting up children’s rooms.
The company works on an inventory-less model to save on real estate, storage, and maintenance costs. Along with this, they also offer products in every category relevant to decorating kid-friendly spaces. It works with an evolving catalogue which is designed in-house to allow the customers a variety of options to choose from.
"The kids' furniture market is a white space with no clear leader as it is a highly unorganised segment lacking quality and designer products specially made for kids. Boingg is aiming to disrupt this market as they grow their online and offline presence prompting us to lead the second round in the Company," said Vinay Bansal, founder and chief executive officer (CEO), Inflection Point Ventures.
“In 2023, we aim to triple our month-on-month revenue and open more offline locations to serve our customers better,” added Neha Indoria, chief executive officer (CEO) and co-founder, Boingg.
Indian Furniture Market has reportedly valued at Rs 220 thousand crore, of which organized online retail accounts for only 3 per cent.
The market share is expected to grow to 24 per cent for organized offline retail and 14 per cent for online retail by the year 2025, the company said in a media statement.
The organized kid’s furniture segment is witnessing a 5 per cent year-on-year growth since 2015. The kids’ furniture market is estimated to expand at Rs 7 to 10 thousand crore annually, giving Boingg a large market opportunity to tap, it added.