BedBathMore.com has raised fund from the former investor group of Fabfurnish.com.
According to a report in PTI: Without disclosing the amount, the company said it (fund) will be used to build an overall wide ranging ecosystem for all home needs.
The company has previously raised capital from Blume Ventures and other angel investors.
“These are early days in the online home solutions space in India and together… With the revamped website, we aim to provide a seamless experience to all our users which will be solution oriented, simple and relevant to their individual tastes,” Founder and CEO, BedBathMore.com, Amit Dalmia said.
BRAND STORY
BedBathMore.com was founded in 2012 by The Wharton School alumnus Amit Dalmia who has more than 15 years of entrepreneurial experience across businesses spanning retail, exports, IT, power and renewable energy. Dalmia has also co-founded firms such as Creative Global Services, an IT-ITeS firm operating in publishing, logistics and steel design and detailing, and Viaton Energy, a power plant that provides biomass power generation in Punjab.
BedBathMore.com is an online marketplace for bed, bath and other lifestyle-related home products. It also houses white-label products and aggregates for other home decor e-tailers besides hosting design professionals who provide their services to customers.
Bedbathmore has also tied up with service providers in the interiors space, including paint companies, designers and architects, among others, for listing services. Working with an objective to bring the best in home furnishing in a digital setting to discerning Indian shoppers who love their homes, the company has acqui-hired two startups – Crude Area and Homado.com.
Bedbathmore differentiates itself from the other similar startups, by being the only platform in India that has integrated content, community and commerce into a single bundle to create a complete home solution of online users.
FUNDINGS AND MORE
In May 2013, BedBathMore.com had raised an undisclosed amount of funding from Blume Ventures. In FY2015-16, the firm generated gross merchandise volume (GMV) worth Rs 35 crore.
ACQUISTION OF FABFURNISH
Last month, Kishore Biyani-led Future Group acquired furniture and home furnishings portal FabFurnish.com in an all-cash deal, which was the retail conglomerate’s first e-commerce acquisition. The deal also marked the first exit of Rocket Internet—which had invested in FabFurnish.com—from an Indian firm.
COMPETITION GALORE
Other players in the space include Pepperfry, which had secured $100 million in funding from Goldman Sachs Group Inc and Zodius Technology Fund, and Urban Ladder, which had raised $50 million in a Series C funding in April 2015 from Sequoia Capital, TR Capital, Steadview Capital, SAIF Partners and Kalaari Capital. Chairman emeritus of Tata Sons Ratan Tata as well as Junglee.com founders Venky Harinarayan and Anand Rajaraman are also investors in Urban Ladder.
Without disclosing the amount, the company said it (fund) will be used to build an overall wide ranging ecosystem for all home needs
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