Interior designing startup Bonito Designs has raised $6.3 million in a pre-Series A round of funding led by Tomorrow Capital, a $100-million early-stage strategic investment fund, it announced on Friday.
The Bengaluru-based company will utilise the fresh capital to extend its operations and ramp up production. A large portion of the funding will also be allocated to R&D, Bonito Designs said in a statement.
“The interior designer market in India is unorganised in most parts but a shift is taking place. With new-age customers looking for quality designs, the demand for organised companies like Bonito is on the rise,” said Bonito Designs CEO Sameer AM.
“We want to make our designs accessible to a larger audience who currently have minimal options from the services offered by the unorganised players. Thanks to Tomorrow Capital, we have more firepower to improve our digital infrastructure and expand our product base. Bangalore will be our initial focus, but we are also eyeing the markets in other metro cities,” he added.
Founded in 2012, Bonito Designs competes with the likes of Livspace, Homelane, and Customfurnish.com. It wants to expand operations to Mumbai, Pune and Hyderabad.
Last month, HomeLane, which is also Bengaluru-based, had raised about $4.6 million (Rs 33 crore) in a bridge round from investors including JSW Ventures, Accel Partners, and Sequoia Capital. According to Crunchbase, HomeLane has raised a total of $69.2 million in funding to date.
Livspace closed a $70-million Series C funding round led by Goldman Sachs and TPG Growth in September last year. The round also saw participation from Jungle Ventures, Bessemer Venture Partners and Helion Ventures.
India’s home interiors market is fragmented and is expected to exceed $23 billion by 2022.