Indian eCommerce marketplace for furniture, HomeStudio has raised $5 Million in seed round of funding from Bengaluru based real estate company, Bren Corporation. The one month old startup will use the money to hire more people, improve its technology as well as building warehouse facilities and offline studios.
HomeStudio has partnered with some international brands to bring their goods at discounted price and sell it in India. As of now, the company imports its products from Germany, but it is also planning to bring product from the suppliers in Italy.
The COO of HouseStudio, Alok Duggal said about the development, “We plan to offer something completely new to the Indian consumer, through our international designs, expert know-how and a unique customer engagement process, our methodology will remove any surprises in what is planned and imagined and what is finally delivered and experienced.”
The furniture and furnishing market of India is estimated to be $20 Billion, making it fifth largest market in the world. There has been lots of scope for growth in this sector. The eCommerce firm in fashion and electronic sector has found massive customers in past few years, but the furniture market is yet to reach that stage. The furniture sector is still not that much crowded, which gives the startup really good chance to exploit its potential.