Storage solutions provider BoxMySpace raises Rs 1.92 cr

Consortium of investors led by Farooq Oomerbhoy; Ritesh Veera and Singapore Angel Networks participate

BoxMySpace, a Mumbai-based storage solution provider that uses technology to enable clutter free homes and office spaces, on Tuesday said it had raised Rs 1.92 crore from a consortium led by Farooq Oomerbhoy, who was one of the co-founders of the early stage fund Orios Venture Partners. Ritesh Veera and Singapore Angel Networks also participated in the funding round.

The funds will be deployed primarily towards expanding operations in other metros including Pune, Bangalore and Delhi and for key marketing efforts. 

BoxMySpace also plans to launch other storage solutions in the future and partner with online retailers and SMEs.

“Shrinking living spaces, dynamic work patterns have resulted in people adopting a transient way of life, necessitating the need for storage solutions. We are working closely with BmS to introduce this solution to not only Indian consumers, but given the scalable nature of the business will be looking to expand in other part of Asia very soon,” said Farooq A Oomerbhoy.

Established in January 2015 by Pratyush Jalan, BoxMySpace was formed to bring the convenience of cloud storage to physical goods at a consumer’s home. The consumer can avail the on-demand storage service for a monthly fee starting Rs 99. 

BoxMySpace delivers storage boxes to customer’s home/office wherein they can pack their belongings in the boxes, thereafter BoxMySpace collects it and stores it safely for them. It also provides spaces for larger storage items through it’s 4x4 and 6x6 packages.

BoxMySpace leverages unused spaces in large warehouses and plugs the gap to provide a technology backed solution to retail customers. It also provides the consumer with their storage dashboard to create a visual catalog of all their stored items and a unique code to each item/box to enable recall within 12 to 24 hours.

According to recent industry reports, on-demand storage industry is gaining strong foothold in the US market, and has estimated revenues of $24 billion as of date, with one in 10 people in US owning a self storage unit. With the growth of urbainsation in India, micro-living, space constraints BoxMySpace can become a much needed solution.

Similar entrants in the US, MakeSpace & BoxBee have raised $10 million & $7 million respectively and BoxFul in HongKong has recently closed a $8 million round.