D2C furniture brand Boingg has raised Rs 2.2 crore in a Seed Round led by Inflection Point Ventures, one of India’s largest angel investment platforms.
The funds raised will be utilised in increasing marketing and branding efforts, along with hiring key team members.
Boingg offers customisations in real-time. They have products in all the categories related to setting up children’s rooms, it said in a press release.
The startup started the shipment and installation activities in December 2019. The Company works on an inventory-less model so as to save on real estate, storage and maintenance costs.
Its crafted furniture range caters to the urban and semi-urban young couple with children aged from 0-8 years. In FY20, 80 percent of orders received by Boingg were through marketplaces. The startup is listed on major furniture platforms like Pepperfry, Urban Ladder, First Cry, Amazon and Flipkart. Maintaining its growth, Boingg launched new products in decor and furnishings, and in the first quarter of FY22, 30 percent of its orders belonged to this category, it added.
Indian furniture market is valued at Rs 220K crore, out of which the organized online retail accounts for only 3 percent, although the market share is expected to grow to 24 percent for organised offline retail and 14 percent for online retail by the year 2025. The kids’ furniture market is estimated at Rs 7-10K crore annually, witnessing a 5 percent YoY growth in the organised kids’ furniture segment since 2015, giving Boingg a large market opportunity to tap.
Vinay Bansal, Founder and CEO, Inflection Point Ventures says, “The D2C segment in India is exploding and we believe that this growth momentum is a long-term which will carve out D2C as a strong category and a challenger to legacy brands. The furniture market which caters to children doesn’t exist in an organised manner, even in the offline space. Boingg is leveraging the D2C wave and tapping into a market where there is a willingness to spend on quality products. Their performance matrix and future growth plans excited us to back the company.”
Neha Indoria, Co-Founder of Boingg, heads the Product Design, Branding & Marketing and B2B sales at Boingg. She says, “We aim to be the go-to brand for any parent looking to add fun and functional products in their kids’ room, while ensuring safety and providing the opportunity to customise in terms of size, colour and storage configuration.”