Furniture company Boingg, which focuses on D2C sales to children, has secured INR 2 Cr in a Pre Series A round that was spearheaded by Inflection Point Ventures, one of India’s biggest angel investing platforms. The money raised will be used for licencing, equipment expansion, and corporate branding. With the opening of a physical store in Gurgaon since the previous fundraise, the company has expanded its geographic reach.
Neha Indoria, Co-founder, and CEO of Boingg, an alumnus of the International Management Institute and Dhruvan Barar, Co-founder and COO, an alumnus of IIM Kozhikode launched Boingg in December 2019 with an aim for full customization of furniture that is focused on children and all elements of their home life. Boingg offers customizations in real-time, helping parents design their kids’ room with furniture that is functional and completes the look. With this, they also have products in all the categories related to setting up children’s rooms.
The focus of the products stays on the strength, utility, and safety of the kids. The company works on an inventory-less model so as to save on real estate, storage, and maintenance costs. Along with this, they also offer products in every category relevant to decorating kid-friendly spaces. Their unique manufacturing model allows for low capital blockage in inventory and real estate. The company works with a constantly evolving extensive catalogue which is designed in-house to allow the customers a variety of options to choose from. Hence, the customization requests are seamlessly executed.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, The kids’ furniture market is still a niche but a fast growing segment in India. Boingg is working with due diligence to expand this market with its new products. The kids furniture market is a white space with no clear leader as it is a highly unorganised segment lacking quality and designer products specially made for kids. Boingg is aiming to disrupt this market as they grow their online and offline presence prompting us to lead the second round in the Company.”
Neha Indoria, Chief Executive Officer & Co-Founder, Boingg says, “Boingg! is on a mission to make every child’s room in India, a happy, fun-filled functional space, that is unique to them. Furniture is at the core of what we do, but, for us, the whole room is a white canvas, and we want to keep adding to our already exhaustive portfolio of 2500+SKUs (95% of which is manufactured in-house) across categories like decor, bedlinen, bathroom accessories, bags and so much more. In 2023, we aim to triple our month-on-month revenue and open more offline locations to serve our customers better. We are very excited to have IPV as part of this journey for the second time round. Together, we are on our way to create a powerhouse brand that caters to the most special people in all our lives, our kids.”
Indian Furniture Market is valued at Rs 220K crores, of which the organized online retail accounts for only 3%, although the market share is expected to grow to 24% for organized offline retail and 14% for online retail by the year 2025. The organized kid’s furniture segment is witnessing a 5% YoY growth since 2015. The kids’ furniture market is estimated to expand at Rs 7-10K crore annually, giving Boingg a large market opportunity to tap.