The company will utilise the funds to bolster its direct-to-consumer (D2C) play, expand reach via e-commerce channels, and expand its product portfolio.
Consumer Houseware start-up, Basil has raised Rs 3.6 crore seed funding co-led by IIMA Ventures (formerly IIMA-CIIE) and Appreciate Capital.
The round also saw participation from prominent angel investors such as Mohit Sadaani (Co-Founder, The Moms Co.), Aprameya Radhakrishna (Co-Founder, Koo), Abhishek Goyal (Co-Founder, Tracxn), Malini Adapureddy (Founder, Deconstruct) and Brij Bhushan (Co-Founder, Magicpin).
The funds raised will be used to bolster its D2C play, expand reach via e-commerce channels, and expand its product portfolio, the company said in a press statement.
Founded in 2023 by ex-Amazon and Flipkart executives Harini Rajagopalan and Mahesh Muraleedharan who launched the ride-hailing services of Uber in India, the company is a first-of-its-kind D2C start-up aiming to reimagine the consumer houseware market in India that is typically dominated by a handful of traditional players.
The firm’s range of products aims to cut away from the product designs that currently exist in the market. It offers consumers distinct, high-quality, visually appealing, and tailored products that are particularly appealing to Gen Alpha and their millennial parents.
Announcing the fundraise, Rajagopalan, the co-founder of Basil said, “Our mission is to disrupt this overlooked space, infusing it with breakthrough designs based on market needs, premium materials, functional designs, and aesthetic appeal.”
With this round of funding, the company will deploy 30 per cent of the capital into R&D to develop a nuanced view of market requirements, and product design iterations so that they can clear the clutter to launch sought-after products.
In the next 12 months, it will expand its product categories launching lunch bags for kids and a newer range of bento boxes customized for working professionals, the company said.
According to Datum Intelligence, the Indian Consumer Houseware Market is set to cross Rs 507 Billion by 2027. Within the Houseware market, categories such as lunchboxes, drinkware, storage containers, and insulated products, contribute to 22per cent of the overall market share.
The Women Start-up Programme has served as a catalyst for over 23,053 women helping them develop entrepreneurial and managerial skills.
The company is looking to revolutionise logistics services across long distances by making effective and time-sensitive deliveries between various business hubs of courier service providers.
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