D2C furniture brand Boingg today announced it has raised Rs 2.2 crore ($296K) in a seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
Founded in February 2019 by Neha Indoria and Dhruvan Barar, Boingg operates an online kids-focused D2C furniture platform.
Boingg started its shipment and installation activities in December 2019. The focus of the products stays on the strength, utility, and safety of the kids. According to a statement, The startup works on an inventory-less model so as to save on real estate, storage, and maintenance costs.
With this round of funding, Boingg will focus on increasing its marketing and branding efforts, along with hiring key team members.
“We aim to be the go-to brand for any parent looking to add fun & functional products in their kids’ room, while ensuring safety and providing the opportunity to customise in terms of size, colour and storage configuration," Neha Indoria, Co-Founder of Boingg, said.
Additionally, Boingg also offers customizations in real-time, helping its clients fulfill the requirements of their kids with ease. With this, they also have products in all the categories related to setting up children’s rooms.
This exclusively crafted furniture range caters to the urban and semi-urban young couple with children aged from 0-8 years. These parents who are essentially the millennials wish for quirky, innovative, and customized designs for their kids’ room, which otherwise comes at a high cost.
Boingg works with a constantly-evolving extensive catalog that is designed in-house to allow the customers a variety of options to choose from. Hence, the customization requests are seamlessly executed.
Speaking on the investment, Vinay Bansal, Founder & CEO, Inflection Point Ventures said:
“The D2C segment in India is exploding and we believe that this growth momentum is a 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 organised 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.”
In the year FY-20, Boingg claims to have received 80% of its orders through marketplaces. The startup is listed on major furniture platforms like Pepperfry, Urban Ladder, First Cry, Amazon, and Flipkart. Maintaining its growth, Boingg launched new products in decor & furnishings, and in the first quarter of FY22, 30% of its orders belonged to this category, the statement said.
According to the startup, The Indian Furniture Market is valued at Rs 220K crore, out 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 kids’ furniture market is estimated at Rs 7-10K crore annually, witnessing a 5% YoY growth in the organized kids’ furniture segment since 2015, giving Boingg a large market opportunity to tap.