Mumbai-based Home Furnishing Startup Wify Secures INR 40 Cr in Pre-Series A Funding
- ByStartupStory | July 2, 2024
Home furnishing startup Wify has successfully closed its Pre-Series A funding round, raising a total of INR 40 Cr (approximately $5 million). The funding was completed in two tranches, with the first leg in 2022 bringing in $2 million (around INR 15 Cr) from Blume Founders Fund and Singularity Ventures, among others.
In the second tranche, Wify secured an additional INR 25 Cr (around $3 million) in a round co-led by Mount Judi Ventures and existing investor Capria Ventures. The infusion of fresh capital will be strategically utilized to enhance the startup’s current offerings by introducing more value-added services, expanding into new categories, and bolstering its technology infrastructure. A portion of the funds will also be allocated to ramp up hiring efforts across the management team.
“This funding will help accelerate our growth through technology deployment and inorganic growth opportunities. It will help realize our vision of becoming the number 1 brand for upgradation, repair, and maintenance of urban homes,” said cofounder and CEO Vikram Sharma.
Founded in 2019 by Vikram Sharma and Deepanshu Goel, Wify is a comprehensive B2B and B2C enterprise tech startup that provides on-site installation and post-purchase home furnishing services. The startup assists brands in managing their customer orders throughout the product life cycle and offers worker upskilling to enable them to perform home furnishing services.
Wify boasts an impressive portfolio of clients, including IKEA, Amazon, Livspace, Godrej, HomeLane, and Hettich. The company is also planning to leverage generative artificial intelligence (GenAI) to improve the training and onboarding processes for technicians and enhance user experience.
Wify competes with prominent players in the home furnishing sector, such as Livspace, HomeLane, and Kraftinn. The home decor market in India is projected to grow at a CAGR of 4.14%, reaching a valuation of $40.98 billion by 2028, according to data from Research Markets.
In related industry news, furnishing startup Vaaree is reportedly looking to raise INR 20.78 Cr ($2.5 million) in a Pre-Series A funding round. Additionally, home renovation and interiors platform Livspace achieved unicorn status in 2022 after raising $180 million in its Series F round led by private equity group KKR. Livspace is now planning a reverse flip to India with an IPO on the horizon.
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