Home Interiors Startup Material Depot Raises USD 10 Mn in Series A Round The funding round was co-led by Accel and Stellaris Venture Partners, with participation from Whiteboard Capital, DeVC, Soma Capital, MyAsiaVC, and several angel investors from the startup and consumer internet ecosystem.
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Interior design and home décor startup Material Depot has raised USD 10 million in a Series A funding round co-led by Accel and Stellaris Venture Partners.
The round also saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with a group of angel investors from the startup and consumer internet ecosystem.
The angel investors include Ramakant Sharma of Livspace, Ankit Nagori of Curefoods, Shashvat Nakrani of BharatPe, Abhiroop Jayanthi of Carlyle India, Niraj Singh of Spinny, Saurabh Jain of Livspace India, Abhishek Goyal of Tracxn, and Vineet Khanna of Supertails.
Previously it raised more than USD 4 million from Y Combinator and other investors.
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot operates as a digital-first, one-stop platform for construction, interior design, and home décor materials. The startup caters to both businesses and consumers, offering products such as tiles, laminates, plywood, wall panels, wallpapers, quartz, and wooden flooring.
Material Depot follows an omnichannel model that allows customers to explore products online and then visit physical Experience Centres to examine materials before making purchase decisions.
The platform also provides features such as curated collections, 3D visualisation tools, and direct sourcing from manufacturers. According to the startup, it currently lists more than 300,000 materials, with private-label brands accounting for around 60% of its portfolio.
The fresh capital will be used to strengthen its technology infrastructure across areas such as supply chain management, inventory planning, and in-store assisted selling. The company also plans to expand its curated product offerings and scale its offline presence across multiple cities.
Headquartered in Bengaluru, Material Depot currently operates three Experience Centres in the city and has served over 15,000 customers since inception. Over the next 12 to 18 months, it plans to expand to more than 30 Experience Centres nationwide and increase its customer base to over 50,000.
