Interior designing brand Bonito Designs on Friday said that it has raised a sum of $6.3 million as a part of its pre-Series A funding round, led by early stage strategic investment fund Tomorrow Capital.
According to the Bengaluru-based company, it will utilise the fresh capital to extend its operations and ramp up the production. In a statement, the company also said that a large portion of the funding will be allocated for R&D to build processes and delivery know-how, in order to bring personalisation to the products.
Discussing the company’s future plan, Sameer AM, CEO of Bonito Designs, stated in the release,
“We want to make our designs accessible to a larger audience who currently have minimal options from the services offered by the unorganised players. Our vision is simple; providing designer home solutions to customers as per their preferences and requirements and more. Thanks to Tomorrow Capital, we have more firepower to improve our digital infrastructure and expand our product base.”
Sameer points out that the interior designer market in India is largely unorganised. According to the founder, Bengaluru will be the focus for Bonito Designs, even as it eyes markets in other metro cities.
Sharing the reason behind the investment, Rohini Prakash, CEO of Tomorrow Capital, said,
“Bonito Designs is a brand that uses a process-driven delivery model to provide unique design solutions. We are confident that their focus on design and customer-centric approach will help them become the undisputed leader in the interior designing landscape of India. We are truly excited to become a part of Bonito Designs’ journey ahead.”
Founded in 2012, Bonito Designs has been working towards its goal of making great designs accessible to Indian customers at affordable prices. Headquartered in Bengaluru, the company will soon be foraying into Mumbai, Pune and Hyderabad.
The size of interior designing market in India is estimated to be Rs 20,000 crore. Further, Bonito competes with companies like HomeLane who are also into customised and efficient home designs.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.