India: Furniture e-tailer CustomFurnish secures $4.5m from Agnus Capital

Visual from Customfurnish.com

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.

Also Read: Indian furniture rental platform Permarent in advance talks to raise seed funding

India-based online furniture startup Homelane to raise $20m

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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.