Hipcouch, an online business to business (B2B) furniture solutions startup, has announced that it has raised $700,000 in seed funding from a clutch of high net-worth individuals.
While the name of the investors has not been revealed by the company, it has said that investors include founders of pubic limited companies and fund managers.
Talking about the product, Parikshat Hemrajani, co-founder, Hipcouch, said,
We are building a technology that will allow designers to get real-time quotes for orders that they are customizing for home-owners and part of the proceeds from the fund-raising will help us build this solution.
Hipcouch connects designers of customized furniture to established and verified vendors who then manufacture the furniture based on an order basis from the designer. The website acts as an intermediary between designers who can register themselves with the company and the furniture vendors.
With more than 100 vendors already present on its platform, the company currently operates only in Mumbai but plans to expand to other cities including Bangalore, Pune, Delhi/NCR and Chennai. Also, the company is looking forward to add at least 2000 vendors on its platform.
As per the report from RedSeer, online sales of furniture are expected to touch $700 million by 2020. The overall size of the furniture market in India was estimated to be around $18 billion in 2013 as per data available in a recent report compiled by the National Skill Development Corporation.
