Home Furnishing Startup Mygubbidotcom Raises US$2.7Mn Funding
Bengaluru-based home decor and furnishing startup, Mygubbi.com, has raised US $2.7 million in its pre-series A funding round.
The round was led by the family office of Firoze Irani; Vipul Parekh, cofounder of Big Basket; Ananda Kallugadde, cofounder of NeoBytes; and Rajesh K Murthy, president of Infosys, among others.
Decor and Furnishing startup Mygubbi is co-founded by NITK Surathkal alumnus Umesh Sangurmath and Ravi Rao, also from NITK and an IIM-B in October 2015.
Sangurmath and Rao had earlier co-founded food and grocery retail chain Smart, which they sold to Mumbai-based Wadhawan Group.
Talking to Economic times, Sangurmath revealed that the startup plans to use the funds primarily to grow their business.”We would look at going deeper into existing markets, as well as strengthen our backend. We are also setting up a design centre of excellence in Bengaluru, which is where these funds would be deployed,” Sangurmath said.
A consumer tech company, MyGubbi enables customers to design their dream home. It offers interior design solutions and home merchandise across various categories that are perfect to style modern homes.
With the help of its experienced designers, the startup promises that their dream home is just a click away. One can choose from a range of sophisticated designs with 3D renders to get the home, the right look they desire.
In March, 2016, Mygubbi.com had raised $2.5 million in seed funding. The finance was raised from 20 angel investors led by Vipul Parekh, co-founder of Big Basket; Ananda Kallugadde, co-founder of NeoBytes; and Rajesh K Murthy, EVP of Infosys.