BedBathMore, an online marketplace that takes care of your home decor and furnishing needs, has today announced that it has raised an undisclosed amount of funds in a fresh round.
This round saw participation from investors like Swedish bank AB Kinnevik Group, Germany’s Rocket Internet and some backers of FabFurnish, the online furniture brand recently acquired by Future Group.
Earlier, it was being reported about a possible merger of BedBathMore and FabFurnish, but the deal didn’t go through. According to filings with the Registrar of Companies, the company has raised around Rs 3.5 crore in equity from investors of FabFurnish in March this year.
The company is now looking to make lead generation a major source of revenue from being a marketplace for furnishings and decor. It will be focusing on creating a lookbook to its customers who can source the products from the marketplace.
Amit Dalmia, CEO of BedBathMore, said,
We are working on multiple features for customers who can find a look, buy the look and consult with interior designers on the platform.
BedBathMore, founded by Amit Dalmia, was started as a marketplace for home furnishing products, but it re-aligned its business from a pure-play commerce model to a content-community-commerce model. It is now looking at projecting itself as more of a discovery platform, rather than an e-commerce one.
The platform has also tied up with service providers in the interiors space, including paint companies, designers and architects, among others, for listing services. Working with an objective to bring the best in home furnishing in a digital setting to discerning Indian shoppers who love their homes, the company has acqui-hired two startups – Crude Area and Homado.com.
Bedbathmore differentiates itself from the other similar startups, by being the only platform in India that has integrated content, community and commerce into a single bundle to create a complete home solution of online users.
Last year, it was reported that the company was looking to invest $20 Million to fuel an aggressive expansion strategy and raise around $7-$10 million from investors. Till date, the company was promoted and internally funded by Vijay Agarwal and Blume Ventures.
According to reports, the home furnishing e-commerce sector is valued at a whopping 60,000 crore, and is witnessing triple digit growth rates of 215%.