Hyderabad-based CustomFurnish.com, an online custom-made furniture retailer, has raised nearly $4.5 million (Rs 30 crore) in a fresh round of funding from Bangalore-based family office Agnus Capital, according to a statement.
This is the second round of funding raised by the furniture e-tailer promoted by Dr. Madhukar Gangadi, the founder of India’s largest e-pharmacy MedPlusmart.com within eight months of its formal launch.
The funds will be used by CustomFurnish.com to expand its services to other cities and to launch newer categories, the statement added. The startup was advised by o3 Capital on the transaction.
“We are delighted to announce the second round of fund raising, which we plan to use for upgrading the technology base and strengthening our logistics to reach a wider customer-base across the country,” said Gangadi, founder & CEO of CustomFurnish.com.
Launched in early 2015, CustomFurnish.com currently offers its services in Hyderabad, and Bengaluru and plans to expand its presence to the other four metros. The company operates three manufacturing facilities in Hyderabad, where it manufactures kitchen cabinets, wardrobes, sofas and custom curtains.
The startup raised Rs 16 crore in the first funding round of funding in November 2014 from a group of investors including Satish Reddy, chairman of Dr. Reddy’s Laboratories, Srini Raju, founder of Peepul Capital, Srini Koppolu, founder of Hyderabad Angels, Anil Chalamshetty of Greenko group and Vamsi Krishna of Hetero group.