Nestroots Raises $100,000 In Seed Round From We Founder Circle
The startup plans to use funds in digital marketing, building a better UI UX for its customers, facilitating association with vendors, and building more product categories
Startup investment platform We Founder Circle (WFC), in continuation of its mission to fund early-stage startups, participated in the $100,000 (debt and equity combined) worth Seed funding round in Nestroots, a home décor startup.
The Gurugram-based startup, Nestroots currently sells from multiple platforms including its own website, and other renowned marketplaces catering to furniture, dining, and tableware categories. This is the first round raised by the startup.
“Consumer behavior in India has been gradually shifting towards urban lifestyle. This continuous shift has been driving the home decor market steadily. Also, globally during the current pandemic home décor has been the fastest growing category online, as homes have become the centre of attraction much beyond just living. Today, home is your extended office, entertainment zone, party place, and much more. All these factors have together created a more favorable scenario for home decor startups like Nestroots to thrive,” said Neeraj Tyagi, chief executive officer, and co-founder, We Founder Circle.
The startup plans to exhaust funds in digital marketing, building a better UI UX for its customers, facilitating association with vendors, and building more product categories.
“Though being bootstrapped till now we have seen amazing results and received a great response from the consumers, raising this round will really help us accelerate our growth plans, explore newer avenues and take bigger leaps in lesser time. We have been a profitable business since our inception. Our product range has been widely accepted and liked by the customers in the segment. Now we are focused on increasing the customer base in India by providing aesthetically high, and durable products at affordable prices. Raising this round has also given us the opportunity to have Hitesh Dhawan onboard as a Digital marketing mentor for Nestroots, who has also participated in this round. Hence, this round is not just restricted to financial support but also enables strategic and advisory support for us,” added Chhavi Singh, founder, Nestroots.
Nestroots has been able to reach 55,000 customers since its inception. The brand aims at increasing the number of product parent categories from the current 7 to 12 by end of fiscal 2021-22.