India’s Bonito Designs bags $6.3m pre-Series A funding led by Tomorrow Capital

Visual from Bonito Designs website

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.

Also Read:

India: HomeLane secures $4.6m funding from Sequoia, Accel, others

Online home interior startup Livspace raises $70m from Goldman Sachs, TPG Growth

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.