Update: Earlier communication from the BoxMySpace team mentioned the amount to be INR 192 million.
BoxMySpace, a Mumbai based storage solution provider has today raised INR 1.92 crore from a consortium of investors led by Farooq Oomerbhoy, who was one of the co-founders of the early stage fund Orios Venture Partners. Ritesh Veera and Singapore Angel Networks also participated in the funding round.
BoxMySpace, a company featured on YourStory's Watchlist earlier has been growing and has managed to establish its presence in key centres of Mumbai. The funding will be deployed primarily towards expanding operations in other metro including Pune, Bangalore & Delhi and undertaking key marketing efforts.
Established in January 2015 by Pratyush Jalan, BoxMySpace was formed with an aim to bring the same convenience of cloud storage to the physical goods of a consumer’s home. The consumer can effortlessly avail on-demand storage service for their household goods at their doorstep either through the web or mobile application across Android and iOS platforms for a monthly fee starting Rs.99/-. BoxMySpace delivers quality storage boxes to customer’s homes/offices wherein they can pack their belongings in the boxes, thereafter BoxMySpace collects it and stores it for them. It also provides spaces for larger storage items through it’s 4x4 and 6x6 packages. BoxMySpace leverages the unused spaces in large warehouses and plugs the gap to provide a technology backed solution to retail customers. It also provides the consumer with their storage dashboard to create a visual catalog of all their stored items and a unique code to each item/box to enable recall within 12 to 24 hours.
Commenting on the investment, Pratyush Jalan, CEO and co-founder, BoxMySpace, “BoxMySpace is an innovative proposition launched with an aim to address the space crunch issues in metro by offering simple on-demand storage solutions which are safe, hassle free and affordable.” Globally, the on-demand storage industry is gaining strong foothold in US market with estimated revenues of US$24 Billion as of date, with 1 in 10 people in US owning a self storage unit. With the growth of urbainzation in India, micro-living, space constraints BoxMySpace can become a much needed solution. Similar entrants in the US, MakeSpace & BoxBee have raised US$10M & US$7M respectively and BoxFul in HongKong has recently closed a US$8M round.
Talking about the investment, Farooq A Oomerbhoy said “We are delighted to partner with BoxMySpace which is poised to lead the innovation forray within the storage industry in India. Shrinking living spaces, dynamic work patterns have resulted in people adopting a transient way of life, necessitating the need for storage solutions. We are working closely with BmS to introduce this solution to not only Indian consumer, but given the scalable nature of the business will be looking to expand in other part of Asia very soon.” BoxMySpace also plans to launch more storage solutions in the future and partner with online retailers and SMEs to streamline their need for an efficient storage solution for their goods.