[Funding alert] Online furniture marketplace InnoDesigns raises Rs 75Cr from PAN Group
, a new online furniture marketplace, has raised funding of Rs 75 crore from the PAN Group.
The business model of InnoDesign will be to create a platform where customers can choose any of the furniture designs and get it built by the listed carpenters and small and medium scale manufacturers located in that particular city.
The manufacturing partners including the carpenters will be selected based on their experience and skill as the startup promises flexibility as well as affordability for its customers.
Neetii Maacker (left), COO and Nidhey A. Pan, Founder & CEO, InnoDesigns
InnoDesigns plans to start its operations from two cities – Kochi and Coimbatore and aims to have a national presence later. The funds raised will be used for market expansion, technology development and hiring of talent.
Nidhey A Pan, Founder and CEO, InnoDesigns, said, “We are excited to launch this unique ecosystem of buying furniture, Home décor and any other thing for a home. We have launched first in the south of India and in the coming few months in cities like Mumbai, Delhi-NCR, and other regions of India.”
The startup will be focused on home furniture and décor market with plans to leverage technology to provide new kind of customer experience.
It promises that the products to be sold on its platform will be cheaper than offline stores. Besides, InnoDesigns will also provide additional income generating opportunities for the carpenters and SMBs involved in this woodwork segment.
Neetii Maacker, COO, InnoDesigns, said, “Our primary focus is on ensuring 100 percent customer satisfaction, thereby creating a special place for the brand InnoDesigns in the fast-evolving sector of furniture. At InnoDesigns, we follow the best standards of design and craftsmanship."
The PAN Group is a family run business headed by Arvindbhai Pan headquartered in Rajkot Gujarat. It has business interest in areas such as cotton, cement, edible oil, cattle feed, health and hygiene products, hygiene and medical-grade nonwoven materials.