D2C Startup Green Soul Raises Rs 1.5Cr In Revenue-Based Financing From Velocity
- ByStartupStory | July 8, 2021
Green Soul Ergonomics Thane–based direct-to-consumer (D2C) startup said it has raised Rs 1.5 crore from Velocity.in. This funding is Green Soul Ergonomics’ first round of external financing. The online furniture market today has only 3% of overall furniture retail. However, this sector is projected to grow at a rapid clip of 40 percent per annum for the next five years. Green Soul manufactures ergonomic seating products that are comfortable, durable, and designed to help people achieve the best posture. According to a study, around 80% of Indians experience back pain at some point in their lives. The pandemic and the sedentary lifestyle that has followed as a result of work from home have collectively further aggravated problems resulting from bad posture. These issues harm mental health and consequently affect productivity. Ravi Khushwani, Founder and CEO, Green Soul, said, “It is vital to have a seating setup that is comfortable and conducive to productivity. Regular office chairs do not provide adequate comfort and are not tailored to the unique shape and size of each person. Our ergonomic chairs solve this problem.”
Velocity.in is a Bengaluru–headquartered revenue-based financier, which commenced operations in early 2020, and has collaborated with over 500 ecommerce businesses. Abhiroop Medhekar, Co-founder and CEO, Velocity.in, said, “Green Soul is a fast-growing ecommerce brand with an impressive revenue trajectory, good average order value, and strong unit economics. Customers love their products, which explains their phenomenal growth with minimal marketing spends and maximum word-of-mouth promotions. The pandemic and consequent shift to a remote-working model worked in their favor, leading to a 3X jump in revenue in FY21. We are happy to collaborate with them and see how they utilize this round of financing to achieve growth.”
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