Vaaree announces $4M in seed funding to boost its range of affordable decorative home furnishings
Vaaree announces $4M in seed funding to boost its range of affordable decorative home furnishings
Within a year of operations, Vaaree has expanded its offerings to more than 20,000 products across multiple categories and has seen sales grow by 1,000%
Vaaree’s curated marketplace model and robust network of individually vetted manufacturers help keep quality high and prices affordable for its customers
The new round of funding will enable Vaaree to grow its team and invest in platform development
Vaaree Co-founders: Garima Luthra, Pranav Arora, and Varun Vohra
Bengaluru, 7 November 2023 – Vaaree, a home furnishings, decor, and accessories marketplace for Indian shoppers, has announced US$4M in seed funding led by Surge, Peak XV’s (formerly Sequoia Capital India & SEA) rapid scale-up program, which included participation from PeerCapital, All In Capital, and Better Capital. The new funding will accelerate investments in hiring and enhancing the user experience for its online platform.
India’s burgeoning online marketplace for home products is set to grow by USD 3.75 billion and reach a CAGR of 10.7% between 2023 and 2028, driven by the rise of online shopping and smartphone penetration. Yet the country faces limited options when it comes to shopping for affordable and high-quality home furnishings and decor. Consumers often have to choose between costly luxury brands or cheaper options that compromise on quality, uncovering a gap in the market for high-quality and well-designed home furnishings at a reasonable price point.
Armed with a vision to provide shoppers with the best of both worlds – quality and affordability – Vaaree carries products from certified, individually vetted manufacturers that have undergone stringent testing for quality assurance. Each piece is handpicked for its versatility, beauty, workmanship and durability. Its factory-to-home model helps the company drive logistics and supply chain efficiencies and minimises its spending on advertising and packaging to ensure that prices are kept affordable for customers.
The company launched its first retail store in Bangalore, Forum South Bangalore Mall, this October. With over 2,000 products ranging from kitchenware for home cooks to comfort-guaranteed bedding, the store boasts offerings that are fit for both fun and functionality. It currently features curated lifestyle looks that change each week, inspiring and enabling customers to explore their own personal tastes. Several of its collections, like barware, cast iron cookware, and fitted bedding, were sold out in the first week of its opening.
Vaaree’s first retail store in Bangalore, Forum South Bangalore Mall.
Based in Bengaluru, Vaaree was founded in February 2022 by Garima Luthra, Pranav Arora, and Varun Vohra. Within a year of launching its online operations in May 2022, Vaaree’s offering grew to over 20,000 products, and has delivered more than 150,000 products to homes across India.
Garima is an alumnus of Punjab University, with extensive sales and marketing experience at start-ups like Blinkit (formerly Grofers), Furlenco, Acko and CRED. Pranav is an alumnus of Punjab University, co-owned and ran Aaywon Lamitubes and Packaging Solutions for over a decade, an experienced manufacturing and factory management professional. Varun is an alumnus of BITS Pilani, a serial founder who has co-founded, scaled and successfully exited businesses such as; Aknamed (acquired by API Holdings 2021) & Genii (acquired by Practo 2015).
“We’ve got great traction and response online, and now we're poised to make an even greater impact with our first physical store in Bangalore. With the infusion of this latest round of funding, we're set to catalyse growth across various fronts — from expanding our team to investments in cutting-edge technology and AI applications. This will bolster critical areas including curation, merchandising, supply chains, seamless omnichannel experiences, and unwavering support for countless households nationwide.” said co-founder Varun Vohra.
“Varun and I, were on a mission to create our dream home without breaking the bank. Our online & offline searches left us unimpressed with curation, quality and pricing of home products. In our quest for a better solution, we turned to Indian manufacturers, establishing direct links that allowed us to furnish our home for a mere fraction of the cost. This journey inspired the creation of the 'Curated Marketplace for all things home,' where customers can access high-quality, budget-friendly home products while supporting India's manufacturing sector.” said co-founder Garima Luthra.
