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Riding on the impressive growth it has witnessed within a short span of time, home utility startup Bonita India has successfully closed its first round of funding from a group of individual investors to help the brand grow to the next level.
The funding marks a new leap in the brief but spectacular journey of the brand from a promising startup to a potential global player.
Bonita, which was started as a self-funded company a few years back and was till now operating on bootstrapped funds, has succeeded in raising a substantial amount of funds considering it was raised from individual investors.
The main reason behind this positive response from investors in the first stage of investment in the company has been the brand's immensely successful run across India and the world, which has seen it establish presence in over 25 countries.
"It gives us immense pleasure to announce that we have completed the first outside investment at Bonita. Our company now has several individual patrons. The money raised in this round will be spent on brand-building exercises including BTL and ATL activities, investment in new product development, launches, creating product awareness and drive consumption at a pan-India level and further growing the distribution network," said Joint Managing Director Bonita, Umang Srivastava.
Bonita India was envisioned with an intent to help Indian consumers experience convenience and comfort in their households. Focusing heavily on product innovation, Bonita has gained near cult status among consumers in India and in several countries within a few years of starting operations.
Bonita brand is today available in over 20 countries under its own brand name. It has established a strong foothold in USA, UK, Germany, Italy, Spain, France, Czech Republic, Poland, Belgium, Netherlands Switzerland, Mexico, Australia, New Zealand and UAE with overseas warehouses in US, Europe, and UAE.
"Our endeavor at IndianStartupFactory is poised to offer a unique platform, that caters to all the needs of an individual investor and participate with the right start-up or SME by making an informed investment decision," said Founder and Director IndianStartupFactory, Kapil Kaul.
Bonita is now aiming to establish its foothold in 50 countries, and earn over 50 patents over the next three years by introducing more innovative and space savvy home utility products.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)