[Funding alert] D2C startup Green Soul raises Rs 1.5Cr in revenue-based financing from Velocity
Thane-based direct-to-consumer (D2C) startup Green Soul Ergonomics on Thursday said it raised Rs 1.5 crore from Velocity.in. This marks Green Soul Ergonomics' first round of external financing.
Green Soul manufactures ergonomic seating products that are comfortable, durable, and designed to help people achieve the best posture. According to a study, nearly 80 percent of Indians experience back pain at some point in their lives. The pandemic and the sedentary lifestyle that has followed as a result of work from home have collectively further aggravated problems resulting from bad posture. These issues harm mental health and consequently affect productivity.
Ravi Khushwani, Founder and CEO, Green Soul, said, "It is vital to have a seating setup that is comfortable and conducive to productivity. Regular office chairs do not provide adequate comfort and are not tailored to the unique shape and size of each person. Our ergonomic chairs solve this problem.”
The bootstrapped venture is now gearing up for its next leg of growth with financing from Velocity.
“In the beginning, it was difficult to sell our DIY furniture online since it is a tangible product. But positive customer reviews and word-of-mouth helped us get more customers on board. As people started working from home, they realised the need for a comfortable seating setup. With this round of financing, we aim to build more inventory to cater to demand from people who are building their work from home setup,” added Ravi.
The online furniture market today constitutes only 3 percent of overall furniture retail. However, this sector is expected to grow at a rapid clip of 40 percent per annum for the next five years.
Abhiroop Medhekar, Co-founder and CEO, Velocity.in, said,
"Green Soul is a fast-growing ecommerce brand with an impressive revenue trajectory, good average order value, and strong unit economics. Customers love their products, which explains their phenomenal growth with minimal marketing spends and maximum word-of-mouth promotions. The pandemic and consequent shift to a remote-working model worked in their favour, leading to a 3X jump in revenue in FY21. We are happy to collaborate with them and see how they utilise this round of financing to achieve growth."
Velocity.in is a Bengaluru-headquartered revenue-based financier, which commenced operations in early 2020, and has since worked with over 500 ecommerce businesses.