PE-VC Fund Investments
Home interior marketplace Material Depot raises $10-M led by Accel, Stellaris
Bengaluru-based Material Depot has raised USD 10 million (about INR 90 crore) in a Series A round co-led by Accel India and Stellaris Venture Partners, with participation from Whiteboard Capital, DeVC India, Soma Capital, MyAsiaVC, and angel investors Ramakant Sharma of Livspace, Ankit Nagori of Curefoods, Shashvat Nakrani of Bharatpe, Niraj Singh of Spinny, Abhishek Goyal of Tracxn, and Vineet Khanna of Supertails.Founded in 2021 by Manish Reddy and Sarthak Agrawal, Material Depot operates as a digital marketplace for home interior materials, connecting contractors, interior designers, and developers with verified suppliers.The company plans to use the fresh capital to expand its offline presence by establishing experiential stores in Bengaluru and Hyderabad over the coming months. Additionally, the funds will be deployed to enhance its technology stack, including product design, supply chain, and inventory planning.
Between Oct 2021 and Dec 2024, Material Depot had attracted about USD 1 M from Whiteboard Capital and Accel India.For FY24, Material Depot had reported about INR 14 Cr in Operating Income and about INR 0.5Cr in PAT.
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