Vaaree, a home furnishing startup, has raised INR 20.78 crore ($2.5 million) in Pre-Series A funding, led by Bengaluru-based venture capital firm Capier Investments.
The round also saw participation from Peak XV’s Surge Ventures, known for backing Indian startups such as Ethereal Machines, InCore, Mindgrove, and ZeroK, among others.
Capier Investments contributed INR 12.47 crore, while Peak XV’s Surge Ventures invested INR 8.31 crore in the round.
According to its filings, the company’s board of directors approved a resolution in March to issue 3,063 Pre-Series A cumulative compulsorily convertible preference shares, with a face value of INR 10 each, aiming to raise INR 20.78 crore.
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Entrackr was the first to report on this development.
Established in 2022 by Garima Luthra, Pranav Arora, and Varun Vohra, Vaaree is an omnichannel home decor startup providing a wide array of products, including kitchenware, home decor items, bedding, and furnishings.
Last year, the Bengaluru-based startup secured $4 million in a funding round spearheaded by Peak XV’s Surge, with involvement from PeerCapital, All In Capital, and Better Capital.
Back then, the company stated it would use the funds to ramp up its hiring efforts and enhance the user experience on its online platform.
Continue Exploring: Home furnishing startup Vaaree secures $4 Mn in seed round led by Peak XV’s Surge
The company has also received funding from angel investors such as CRED cofounder and CEO Kunal Shah, Sugar Cosmetics cofounder and CEO Vineeta Singh, and Mamaearth cofounder Gazal Alagh, among others.
According to Research Markets data, India’s home decor market is projected to expand at a CAGR of 4.14%, reaching a valuation of $40.98 billion by 2028.
It’s no surprise that several new players are emerging in the sector, attracting significant investor interest.
Livspace, a home renovation and interiors platform, joined the unicorn club in 2022 by securing $180 million in its Series F round, led by private equity group KKR. Currently, it is preparing to relocate its headquarters from Singapore to India, with an IPO on the horizon.
Last year, HomeLane, a startup specializing in home interior solutions, secured INR 75 crore from its existing investors.
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