JOIN USHaving done up 100 homes, mygubbi now wants to expand
One of the newest modular furnishings and interior design providers from Bengaluru — mygubbi — is expecting to close a Series A funding of $6-8 million in the coming six months.
The company received $2.5 million in seed funding about a quarter back, from a set of angel investors. “We think that we’ve reached a good stage and can scale up and increase our business, and want to now expand to Pune,” mygubbi Co-founder and CTO Ravi Rao said.
Bengaluru is growing, and homes are mushrooming at a rapid pace. Wanting to tap the emerging demand for interior design and modular furnishings, mygubbi came about in October, 2015.
The brainchild of Rao and Umesh Sangurmath, who is its CEO, mygubbi has come to offer guests customised experiences by designing modular furnishings, decor and design for their new homes, banking on the eCommerce boom, incorporating technology. “Over the last 7-9 years, eCommerce has matured in India, with a lot of technology going in. We were bullish on tapping it, and wanted to establish a niche space where we could provide solutions,” Rao said.
And true to that unlike several other online furniture-retailing sites, mygubbi’s services are design-centric and made-to-order. “The home interiors space is largely divided into interior designing, modular furniture, decor & furnishings, and furniture. While furniture purchase is inventory-led, the remaining categories are design-led,” Rao said.
Close to 50% of the expenses incurred on a new home is from modular furniture, which is a big ticket spend beginning from at least Rs 3 lakh, and includes styling of kitchen and dining area, living space, bedrooms, and any other relevant utility spaces in one’s home. “In terms of modular furniture, typically, it’s designed and customised for clients, based on their lifestyle, quality, tastes, and what best suits their homes. Hence, it’s a little complicated. It is here that technology must come into play, since it can make the existing processes seamless,” Rao said.
Processes here refer to designing customised products, connecting with clients, managing the platform, and so on. “The entry barrier in such a design-led business is too high, and not many players have the capability of provide a full service solution. With our background (both founders come from a technology background, and have experience in technology and retail sectors), we can provide value and also help build a business,” he said.
Today, mygubbi presents modular design solutions for customers, who may then approach the company and avail its services. The company is aiming to target new homes, and claims to have done up 100 homes in the last 3-4 months, of an average ticket size of Rs 6 lakh each.
“We have a team of designers, who are divided into product designers and consultants. It’s the product designers’ task to develop products, have them validated and put onto the platform. When potential clients come to us, they are approached by our consultants, who understand their every need and taste, and help them receive the best experience. We want to be a one-stop shop for home interior design,” Rao said.