Home furnishing startup Vaaree has secured $4 Mn in a funding round led by Surge by Peak XV (formerly Sequoia Capital India & SEA). The funding round also saw participation from PeerCapital, All In Capital, and Better Capital.
The startup said that the funding will accelerate investments in hiring and enhancing the user experience for its online platform.
The Bengaluru-based startup was founded in 2022 by Garima Luthra, Pranav Arora, and Varun Vohra. Vaaree is an omnichannel home decor startup that offers products ranging from kitchenware for home cooks to comfort-guaranteed bedding.
Commenting on the funding round, cofounder 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 help Vaaree address the critical areas including curation, merchandising, supply chains, and seamless omnichannel experiences.
The home furnishing and decor startup claims to have delivered 150K products to homes across India within a year of launch and grew its offerings to more than 20K products. Vaaree opened its first retail store in Bengaluru last month, which boasts 2K products.
Currently, it features curated lifestyle looks that change every week.
The startup also counts Kunal Shah, Arjun Vaidya, Vineeta Singh, Ghazal Alagh, Varun Dua, Manish Dugar, Anjali Bansal, Suhail Sameer, Prabhu Rangarajan, Mohan K, Ruchi Deepak, among others as its investors.
According to a study by Research Markets, India’s home decor market is estimated to reach $40.98 Bn by 2028, growing at a CAGR of 4.14%.
Recently, interior design startup Flipspaces secured $4 Mn in its Pre-Series B funding round to expand its operations on the West Coast of the US and strengthen its tech. In March, Design Cafe also reportedly secured $4.8 Mn to enter new markets.
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