D2C kids focused furniture brand Boingg has raised Rs 2 crore in a Pre Series A round led by Inflection Point Ventures, one of India’s largest angel investment platforms. The funds raised will be utilised to expand machinery, licensing, and the branding of the company. The company has increased its physical footprint with the launch of a physical store in Gurgaon since the last fundraise.
Vinay Bansal, Founder and CEO, Inflection Point Ventures, said that 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 and Co-Founder, Boingg, stated, “ 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 organiSed online retail accounts for only 3 per cent, although the market share is expected to grow to 24 per cent for organised offline retail and 14 per cent for online retail by the year 2025. The organised kid’s furniture segment is witnessing a 5 per cent year-on-year 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.