Wallmantra raises funding from fintech Velocity
Wallmantra recently announced that it raised an undisclosed amount in a round of funding from financier fintech Velocity.
Founded in 2013, the former designs and sells wall decors through e-commerce platforms like Amazon and Pepperfry. Its product offerings include wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks, and more.
As per Wallmantra co-founder Shivam Agarwal, “By deploying capital raised from Velocity effectively we have been able to double our revenues within 10 months. We’ve raised larger rounds at better terms as a result of our longstanding association with them.”
Commenting about the investment, Velocity co-founder and CEO Abhiroop Medhekar said, “Wallmantra is one of our portfolio companies that is poised for exponential growth. They earn most of their revenues via their own website and therefore have impressive margins. Over time, as we have become more bullish on their scale, we have deployed multiple rounds with them. Our ability to extend capital at better terms with each round is one of the reasons why our retention rate at 78 percent is higher than the industry average.”
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