NEW DELHI, Feb 5: Home interiors materials startup Material Depot on Thursday said it has raised USD 10 million (about Rs 90 crore) in a Series A funding round co-led by Accel and Stellaris Venture Partners.
The funding round also saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with a group of angel investors including Livspace Founder Ramakant Sharma, BharatPe Founder Shashvat Nakrani, Curefoods Founder Ankit Nagori, and Tracxn Founder Abhishek Goyal, the company said in a statement.
The Bengaluru-based startup plans to deploy the fresh capital to strengthen its technology backbone across the supply chain and inventory planning.
It also aims to expand its curated product portfolio and scale its offline presence across multiple cities.
Founded in 2022, the company currently operates three Experience Centres in Bengaluru and plans to expand to more than 30 centres across multiple cities over the next 12-18 months to serve over 50,000 customers. (PTI)
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