SIDBI and others fund Customfurnish.com, a furniture e-tailer for $2.5 million. The company is into custom made furniture e-tailing.
The company has developed software that allows the customer to tailor made their home furniture. They can use colour, size, design and style of their choice. If the customer likes to create fresh design, Customfurnish.com will assists them by providing perfect solution for every size and every kind of house.
The company currently operates 30,000 sq.ft production unit and delivery center in Hyderabad.
Customfurnish.com was launched in 2014 by entrepreneur Madhukar Gangadi. He is the founder and Chief Executive Officer of the company. Madhukar has MBBS in Medicine from Sri Venkateswara University and later did his Masters in Business Administration in Management from The Wharton School, University of Pennsylvania.
He has rich professional experience; having worked as Marketing Manager in Insync and started a company called TechNation in 2002 and founded another company called MedPlus Health Services Pvt Ltd in July 2006. He is the Chief Executive Officer of the MedPlus too.
Customfurnish.com received their seed capital of $2.5 million from a group of investors’ viz., Satish Reddy, Srini Raju and Srini Koppolu and SIDBI. Srini Raju is the co founder of Peepul Capital LLC.
Srini Koppolu is Chairman of Setu Software Systems and an angel investor. Srini Koppolu was Managing Director of Microsoft’s India Development Center in Hyderabad and Corporate Vice President at Microsoft. After joining Microsoft as software engineer in 1989 and he had 21 years stint with the company. He was instrumental to establish Microsoft’s largest development center outside the US in Hyderabad. He is the first president of Hyderabad Angels. Srini Koppolu has invested 3 other companies such OnlinePrasad.com, Mojostreet and Haileo.
Satish Reddy, Chairman of Dr. Reddy’s Laboratories is one of the well known industrialist in India. He is one of the investor of Customfurnish.com and brings his vast experience to the company.
Srini Raju of Peepul Capital LLC has invested several companies such as VSoft, TeleDNA, CURA Healthcare, Komli Media and Ecom Express.
Customfurnish.com will use the funds to expand in Delhi, Bangalore and Kolkata by extending their product offerings and setting up of production units in next six months.
After the launch of portal, Madhukar said “Each production unit can serve customers in a 200-km radius. While it takes care of the demand in large cities, the company is planning to open franchise-run outlets in tier-II cities.” He further added “Our idea is to set up a manufacturing plant each in New Delhi and Kolkata within the next six months, and eventually have 10 such units across the country, each with an investment of between Rs 2.5 crore and Rs 5 crore, in one and half year. The company was already in the process of raising of Rs.100 crore in the second round to fuel its expansion plans, within the next two quarters.”
He also said “home and furnishing market in India is currently pegged at $20 billion, with organised retail holding about 15 percent market share. Household furniture accounted for 65 percent of this. Although large, the furniture market still has significant room for growth.”
“Its innovative designing tool helps the users design their furniture, have a look of the finish product, and get them delivered and installed in their homes within a very short span. The entire shopping experience being convenient, hassle free and personalised, we believe, it will soon become the most preferred furniture e-tailer in the coming years,” said Srini Koppulu after funding in the company.