WallMantra Raises Undisclosed Funding From Velocity.in
WallMantra plans to accelerate its growth by using Velocity's capital and ecosystem of partnerships to finance inventory and digital marketing spends
Direct-to-consumer (D2C) startup WallMantra announced to have raised an undisclosed amount of financing from Velocity.in, a revenue-based financier. The startup has so far raised three rounds from Velocity, cumulatively raising fivefold the amount raised in the initial round.
Founded in 2013, WallMantra designs and sells affordable wall and interior decor via its own website and marketplaces like Amazon and Pepperfry. It offers more than 1,000 unique products like wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks, and more.
"Adding decor and artwork to your house can add an edge to your home’s look and feel. People often do not realize how living in surroundings that resonate with personal taste can positively impact mood and attitude. We have a massive range that effectively caters to all kinds of customers. By deploying capital raised from Velocity effectively we have been able to double our revenues within 10 months. We’ve raised larger rounds at better terms as a result of our long-standing association with them. We had previously raised capital from various NBFCs however in Velocity we have found a partner that offers financing at fairer terms and at a faster pace than others. With each subsequent round, we have observed that the operational overhead in terms of paperwork and other formalities has been reduced as well. This has enabled us to focus on our business and not waste bandwidth worrying about funding,” said Shivam Agarwal, co-founder, WallMantra.
"WallMantra is one of our portfolio companies that is poised for exponential growth. They earn most of their revenues via their own website and therefore have impressive margins. Over time, as we have become more bullish on their scale, we have deployed multiple rounds with them. Our ability to extend capital at better terms with each round is one of the reasons why our retention rate at 78 per cent is higher than the industry average," added Abhiroop Medhekar, co-founder and chief executive officer, Velocity.in.
There is a huge opportunity for e-commerce players in the furniture and home decor segment in India. The furniture industry currently stands at $17 billion in size, the online furniture segment is expected to capture a large portion of this segment and is currently growing at 80-85 per cent per annum.