8 March, 2016, Bangalore: myGubbi, a Bangalore based startup has managed to secure a funding of US $2.5 million from its investors. The funding round was headed by Vipul Parekh, Co-Founder of Big Basket, Ananda Kallugadde, Co-Founder of NeoBytes and Rajesh K Murthy, EVP of Infosys.
The company is a joint venture of Ravi Rao, Umesh Sangurmath, Aiyappa AS and Sunil Rao. Founded in 2015, it deals in providing interior designing and furnishing solutions to its customers. Company claims that till now, it has completed around 50 projects.
myGubbi is gearing up for an accelerated growth path as it aims to secure a sizeable share of the Home interiors market. The online furniture market size in India is estimated to be around $30 billion, reports BS.
Ravi Rao, Co-Founder, myGubbi, said “The company started in 2015 and the seed funding is a testimony to the efficacy of our profitable yet scalable business model and high growth prospects.myGubbi has sound business principles based on unit economics, and we have clear visibility on achieving operational break even. Currently, the company is focused on setting up innovative technology driven systems and processes required for the e-commerce business.”
Umesh Sangurmath, Co-Founder and CEO, myGubbi said that, “We have been gaining good traction in the Bengaluru market and are targeting a monthly run rate of about 100 homes in Bengaluru alone. We are also expanding to Mumbai, Pune, Mangalore and Coimbatore over the next few months. While we are sufficiently funded and are invested in developing our core assets, we are also in advanced stages of discussion with investors to raise Series A investment to accelerate our expansion into other cities.”