Plans to tap PEs for Rs. 100 crore for expansion; start-up lets users customise furniture
Serial entrepreneur Madhukar Gangadi, who promoted MedPlus chain of pharmacies, has identified a need in the $20-billion furnishing market in India that is largely dominated by the unorganised sector.
Taking a cue from his earlier venture Cornerstone that lets customers order tailor-made garments, Madhukar startedCustomFurnish.com . The e-com venture lets you customise your furniture and interior design that suit your specific requirements.
Personalisation
The website allows the customers to change design on the models displayed on the portal. Each time you make a change, the software throws up the price for the altered product. Madhukar, however, admitted that he had to put the Cornerstone activity on hold for a while for not so encouraging support.
Customers can choose a wide variety of designs from the portal’s library that can be printed on the surface. “You can even use the artwork and other images as you design your wardrobe, doors or kitchen furniture,” he said.
Expansion plans
Dr Reddy’s Lab Chairman Satish Reddy, Peepul Capital founder Srini Raju and Microsoft India Development Centre former Managing Director Srini Koppolu have invested Rs. 16 crore in the start-up that initially started its operations out of Hyderabad. SIDBI gave a loan of Rs. 3 crore for the venture.
“We have a factory space of 90,000 sq ft in Hyderabad. Using this, we will be serving Chennai and Bangalore centres that we want to open shortly. We will open a factory in Delhi in the next months,” he said.
Launching the portal, Madhukar said each manufacturing unit can serve customers in a 200-km radius. While it takes care of the demand in large cities, the company is planning to open franchise-run outlets in tier-II cities.
