Ugaoo, an urban gardening startup, has raised INR 47 crore (about $5.6 million) in a Series A funding round led by V3 Ventures, with support from existing investors DSG Consumer Partners and RPG Ventures.
Ugaoo to expand in 10 cities with 80 retail stores in 2030
Based in Pune, the company will use the new funds to expand into 10 cities and open 80 retail stores by FY 2030. It also plans to offer more products, including a variety of exotic plants and high-quality plant care items for the Indian market.
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Established by Siddhant Bhalinge in 2015, Ugaoo provides a variety of plants, including exotic indoor and outdoor types, flowering plants, succulents, and high-yielding vegetable and flower seeds. The startup also offers quality soils, fertilisers, and gardening tools and accessories for both professional and amateur home gardeners.
Ugaoo grows with 30% growth rate
“The Indian home and garden category is projected to grow at a CAGR of 30%, opening up significant opportunities for Ugaoo. We plan to deploy the funds towards product enhancement, expanding our regional fulfilment centres, and team growth. We will expand via new hubs in Kolkata, Kochi, Lucknow, Chennai, Guwahati, and Ahmedabad” stated Bhalinge, according to INC42.
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Earlier in 2021, the company raised INR 15 crore ($2 million) in a Pre-Series A funding round, co-led by DSG Consumer Partners and RPG Ventures. Further, the startup claims its revenue grew from INR 24 crore in FY 2023 to INR 63 crore by the end of FY 2024, due to 100% growth driven by an omnichannel strategy.
Meanwhile, Ugaoo reaches customers all over India through its website, app, and nine stores in Pune, Mumbai, and Bengaluru. It is also available on digital marketplaces like Amazon and Flipkart, as well as quick commerce platforms like Zepto, Swiggy, and Blinkit.
