Direct to Consumer (D2C) furniture Startup, Boingg has raised Rs 2.2 crore from Inflection Point Ventures in a Series Seed round.
“The raised funds will be utilized in increasing marketing and branding efforts, along with hiring key team members,” Boingg said.
Speaking on the investment in Boingg, Vinay Bansal, Founder & CEO of Inflection Point Ventures said, “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.”
In FY20, 80% of orders received by Boingg were through marketplaces. The startup is listed on major furniture platforms like Pepperfry, Urban Ladder, First Cry, Amazon, and Flipkart. Maintaining its growth, Boingg launched new products in decor & furnishings, and in the first quarter of FY22, 30% of its orders belonged to this category.
Commenting on the fundraise, Neha Indoria, Co-Founder of Boingg, Heads of Product Design, Branding & Marketing and B2B sales at Boingg said, “We aim to be the go-to brand for any parent looking to add fun & functional products in their kids’ room while ensuring safety and providing the opportunity to customize in terms of size, color, and storage configuration.”