Urban Gardening Startup Ugaoo Secures INR 47 Cr in Series A Round, Plans Major Expansion
- ByStartupStory | November 12, 2024
Pune-based urban gardening startup Ugaoo has raised INR 47 crore (approximately $5.6 million) in a Series A funding round led by V3 Ventures, with participation from existing investors DSG Consumer Partners and RPG Ventures. This new capital injection will help Ugaoo expand its reach across 10 cities and launch 80 retail stores by FY 2030, as well as enhance its range of products with a diverse selection of exotic plants and premium plant care items for the Indian market.
Founded in 2015 by Siddhant Bhalinge, Ugaoo offers a broad selection of indoor and outdoor plants, including flowering varieties, succulents, and high-yield vegetable and flower seeds. The startup also provides gardening essentials such as soils, fertilizers, and tools, catering to both professional and amateur gardeners alike.
Commenting on the growth potential in the market, Bhalinge said, “The Indian home and garden category is projected to grow at a CAGR of 30%, opening up significant opportunities for Ugaoo. We plan to deploy the funds towards product enhancement, expanding our regional fulfilment centres, and team growth. We will expand via new hubs in Kolkata, Kochi, Lucknow, Chennai, Guwahati, and Ahmedabad.”
This funding marks Ugaoo’s second major financing round. In 2021, the company raised INR 15 crore ($2 million) in a Pre-Series A round co-led by DSG Consumer Partners and RPG Ventures.
Omnichannel Expansion Fuels Revenue Growth
With a nationwide presence through its website, mobile app, and nine stores in Pune, Mumbai, and Bengaluru, Ugaoo has built an omnichannel strategy that extends to e-commerce platforms like Amazon and Flipkart, as well as quick-commerce services such as Zepto, Swiggy, and Blinkit. This approach has driven significant revenue growth, with the company reporting an increase from INR 24 crore in FY 2023 to INR 63 crore by the end of FY 2024, doubling its revenue through omnichannel efforts.
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