[Funding alert] D2C furniture brand Boingg raises Rs 2.2 cr in seed round led by Inflection Point Ventures

D2C (direct-to-consumer) furniture brand Boingg! on Wednesday announced that it has raised Rs 2.2 crore in a seed round led by Inflection Point Ventures.

The company aims to use the funds to increase marketing and branding efforts, along with hiring key team members.

Founded in February 2019 by Neha Indoria and Dhruvan Barar, Boingg claims to have a fun and functional range of furniture, soft furnishings, and accessories for kids. The startup works on an inventory-less model so as to save on real estate, storage and maintenance costs.

Neha Indoria, Co-Founder of Boingg, said, “We aim to be the go-to brand for any parent looking to add fun and functional products in their kids’ room, while ensuring safety and providing the opportunity to customise in terms of size, colour and storage configuration.”

The startup is listed on major furniture platforms like Pepperfry, Urban Ladder, First Cry, Flipkart and Amazon. Maintaining its growth, Boingg launched new products in decor and furnishings, and in the first quarter of FY22, 30 percent of its orders belonged to this category.

According to a statement from the startup, the Indian furniture market is valued at Rs 220,000 crore, out of which the organised online retail accounts for only three percent, although the market share is expected to grow to 24 percent for organised offline retail and 14 percent for online retail by the year 2025.

The kids’ furniture market is estimated at Rs 7-10,000 crore annually, witnessing a five percent YoY growth in the organised kids’ furniture segment since 2015, giving Boingg a large market opportunity to tap.

Vinay Bansal, Founder and CEO, Inflection Point Ventures stated,

“The D2C segment in India is exploding and we believe that this growth momentum is a long term which will carve out D2C as a strong category and a challenger to legacy brands. The furniture market which caters to children doesn’t exist in an organised manner, even in the offline space. Boingg is leveraging the D2C wave and tapping into a market where there is a willingness to spend on quality products. Their performance matrix and future growth plans excited us to back the company.”

IPV announces Boingg as its 39th deal for 2021; on track to invest Rs. 155 crore across 60+ startups by the year end.