City-based e-tailer plans to raise Rs 100 cr for expansion

Custom-made furniture e-tailer 'customfurnish.Com' today said it plans to raise Rs 100 crore to fund its expansion plans, including setting up plants at multiple places across the country.
The company has raised around Rs 16 crore seed funding through a group of investors including Satish Reddy, Chairman, Dr Reddy's Laboratories, Srini Koppolu, Chairman of Setu Software and others, including debt of Rs 3 crore from SIDBI.
"We look to raise another Rs 100 crore," Madhukar Gangadi, founder and CEO of customfurnish.Com, told reporters here.
He also launched the service of the city-based start up e-commerce portal 'customfurnish.Com' which offers a range of commodities like modular kitchens, wardrobes, entertainment units, home decor, other fitted furnitures.

The e-commerce company currently operates its manufacturing unit and delivery centre in Hyderabad and plans to launch their services in Benguluru and Chennai early next month.
It also envisages to have as many as 10 plants across India including in Delhi, Kolkata, Mumbai and other places.

The online store offers customers an extensive range of furnishing materials and designing them as per their home decor needs, Gangadi said, who is also founder and CEO of pharmacy retail chain, MedPlus Group.
"'customfurnish.Com' has an easy-to-use interface that allows customers to turn interior designers and do up their home furniture according to their choice of colour, style, design, size. With its vertically integrated model it turns customers' ideas into reality seamlessly," he said.

"We also plans to expand our product offerings and include more products. With the seamless blend of artistic design, efficient craftsmanship, we aspires to become the leader in the online furniture business in the coming years," Gangadi added.