D2C furniture brand Boingg has raised ₹2.2 crores in a seed round headed by Inflection Point Ventures, one of India’s biggest angel investment platforms. The funds raised will be used to improve marketing and branding efforts and hire key team members.
Boingg started the shipment and installation projects in December 2019. The center of the products stays on the strength, utility, and safety of the kids. The business works on an inventory-less model to save on real estate, storage, and maintenance costs.
Vinay Bansal, founder and chief executive officer, Inflection Point Ventures, says,
“The D2C segment in India is exploding, and we believe that this growth momentum is for the long term, which will carve out D2C as a strong category and a challenger to legacy brands. The furniture market, which caters to children, doesn’t exist in an organized manner, even in the offline space. Boingg is leveraging the D2C wave and tapping into a market where there is a willingness to spend on quality products. Their performance matrix and future growth plans excited us to back the company.”
Boingg offers customizations in real-time, assisting its clients in fulfilling their kids’ requirements with comfort. With this, they also have products in all the sections related to setting up children’s rooms.
In FY20, 80% of orders received by Boingg were through marketplaces. The startup’s products are placed on major furniture platforms such as Pepperfry, Urban Ladder, First Cry, Amazon, and Flipkart. Continuing its growth, Boingg lined up new products in decor and furnishings, and in the first quarter of FY22, 30% of its orders were associated with this category.
This exclusively crafted furniture caters to the urban and semi-urban young couple with children aged 0-8 years. These parents, who are essentially the millennials, wish for innovative and customized furniture designs for their kids’ room, which otherwise comes at a high cost.
Boingg works with a constantly evolving comprehensive
catalog designed in-house to provide customers with various options to pick
from. Hence, the customization requests are seamlessly executed, the startup
stated.
Indian Furniture Market is estimated at ₹220,000
crore, out of which the organized online retail accounts for only 3%. However,
the market share is expected to grow to 24% for organized offline retail and
14% for online retail by 2025. The kids’ furniture business is valued at ₹7,000
crore- ₹10,000 crores annually, observing a 5% year-on-year growth in the
organized kids’ furniture division since 2015, providing Boingg an ample market
opportunity. Courtesy: www.nextbigbrand.in
