[Funding alert] D2C startup Wallmantra raises capital from Velocity
Direct-to-consumer (D2C) startup Wallmantra has raised an undisclosed amount of funding from Velocity, a revenue-based financier fintech.
According to the startup, it has so far raised three rounds from Velocity, cumulatively raising 5x the amount raised in the initial round.
Founded in 2013, Wallmantra designs and sells affordable wall and interior decor via its own website and marketplaces like Amazon and Pepperfry. It offers more than 1,000 products like wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks, and more.
Wallmantra is now preparing for its next growth phase with this round from Velocity. “By deploying capital raised from Velocity effectively we have been able to double our revenues within 10 months. We’ve raised larger rounds at better terms as a result of our longstanding association with them," said Shivam Agarwal, Co-founder of WallMantra.
He further noted that it had earlier raised funds from NBFCs but with Velocity, it observed that its overhead costs had been reduced enabling it to focus on business.
Quoting reports, the startup noted that the home décor industry and online furniture industry is registering very strong growth in the country. This is expected to push the sales of Wallmantra.
Speaking about the round of financing, Abhiroop Medhekar, Co-founder and CEO of Velocity.in said,
"Wallmantra is one of our portfolio companies that is poised for exponential growth. They earn most of their revenues via their own website and therefore have impressive margins. Over time, as we have become more bullish on their scale, we have deployed multiple rounds with them. Our ability to extend capital at better terms with each round is one of the reasons why our retention rate at 78 percent is higher than the industry average."
Velocity commenced operations in early 2020 and has since worked with over 500 ecommerce businesses. The Bengaluru-based fintech has also tied up with 20+ D2C enablers such as AWS, AdYogi, and Cashfree among others.