Boingg Raises INR 2 Cr In Pre Series A Led By IPV
The funds raised will be utilized to expand machinery, licensing and branding, said the company
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D2C kids-focused furniture brand Boingg has raised INR 2 crore in a Pre Series A round led by Inflection Point Ventures, one of India's largest angel investment platforms.
The funds raised will be utilized to expand machinery, licensing and branding, said a statement, adding, the company has increased its physical footprint with the launch of a physical store in Gurgaon since the last fundraise.
Boingg was launched in December 2019 with an aim for full customization of furniture that is focused on children and all elements of their home life. The comapny offers customizations in realtime, helping parents design their kids' room with furniture that is functional and aesthetic. With this, they also have products in all the categories related to setting up children's rooms.
"In 2023, we aim to triple our month-on-month revenue and open more offline locations to serve our customers better. We are very excited to have IPV as part of this journey for the second time round. Together, we are on our way to create a powerhouse brand that caters to the most special people in all our lives, our kids," said Neha Indoria, CEO and cofounder, Boingg.
"The kids' furniture market is still a niche but a fast growing segment in India. Boingg is working with due diligence to expand this market with its new products. The kids furniture market is a white space with no clear leader as it is a highly unorganised segment lacking quality and designer products specially made for kids. Boingg is aiming to disrupt this market as they grow their online and offline presence prompting us to lead the second round in the company," said Vinay Bansal, founder and CEO, Inflection Point Ventures.