The home furnishing startup Vaaree has successfully raised $4 million in a funding round with Surge by Peak XV (formerly known as Sequoia Capital India & SEA) taking the lead. Other notable participants in this funding round include PeerCapital, All In Capital, and Better Capital.
The startup announced that the funding will expedite their efforts to invest in recruiting talent and improving the user experience on their online platform.
Established in 2022 by Garima Luthra, Pranav Arora, and Varun Vohra, this Bengaluru-based startup, Vaaree, operates as an omnichannel home decor company. Their product range spans from kitchenware tailored for home chefs to bedding items that promise comfort and quality.
Commenting on the funding round, Co-Founder Vohra said, “We’ve got great traction and response online, and now we’re poised to make an even greater impact with our first physical store in Bengaluru. With the infusion of this latest round of funding, we’re set to catalyse growth across various fronts — from expanding our team to investments in cutting-edge technology and AI applications.”
According to him, this funding will empower Vaaree to focus on key aspects, including curation, merchandising, supply chains, and the development of seamless omnichannel experiences.
Within a year of its launch, the home furnishing and decor startup asserts that it has successfully delivered 150,000 products to households across India and expanded its offerings to over 20,000 products. Vaaree recently inaugurated its inaugural retail store in Bengaluru, showcasing a collection of 2,000 products.
At present, it showcases carefully curated lifestyle collections that are updated on a weekly basis.
The startup also includes notable investors in its roster, such as Kunal Shah, Arjun Vaidya, Vineeta Singh, Ghazal Alagh, Varun Dua, Manish Dugar, Anjali Bansal, Suhail Sameer, Prabhu Rangarajan, Mohan K, Ruchi Deepak, and more.
Based on a research report from Research Markets, the home decor market in India is projected to attain a value of $40.98 billion by 2028, with a compound annual growth rate (CAGR) of 4.14%.
Recently, the interior design startup Flipspaces secured $4 million in its Pre-Series B funding round, aimed at expanding its operations on the West Coast of the US and strengthening its technological infrastructure. Additionally, in March, Design Cafe reportedly obtained $4.8 million to facilitate its entry into new markets.