New Delhi-based home decor brand Sunday Design has raised $1.5 million in a pre-Series A funding round led by QRG Investment & Holdings (the family office of Havells India Limited Founders), Kama Group (family office of SRF Ltd), KCT family office, and other existing investors.
According to the company’s statement, Sunday Design works with Italian designers to make and sell premium-quality furniture. The startup now aims to expand both its online and offline presence by launching retail stores in Bengaluru and Mumbai.
The startup said it will launch e-commerce to expand its reach and scale its market share across the country. In addition to this, Sunday Design also plans to expand its product range, including the launch of home fragrances, table linen, tableware, and soft furnishings. The brand aims to emerge as a complete premium home décor brand, it said.
Gautam Baid and Vinit Aggarwal co-founded Sunday Design. The startup had earlier raised $1.25 million from its founding investors including Gautam Baid and Vinit Agarwal, along with venture capitalists Sanjay Kapoor, Abhishek Goyal, Gurjeet Singh Bains, Apoorv Agarwal of Sirca Paints India and Manan Khetan of I-Evo, a prominent high-end furniture manufacturer in India.
“During the pandemic, we noticed a significant change in the attitude of people towards interior design; they want to invest more in their living spaces. We have experienced this first-hand since our inception last year, in the form of steady growth in both interest and demand,” said Gautam Baid, Founder & Managing Director.
“With this new investment, we intend to “collaborate” with top European designers and grow our footprint in an omnichannel format, introducing new and exciting product lines on a strategic basis. We aim to achieve 100% growth over the coming two fiscal years,” Gautam said.
The brand claims to have witnessed 10% month-over-month growth since its launch in October 2021. “We believe in partnering with brands that are future-proof and show high potential for growth. The furniture and home décor industry is poised for significant growth in India,” said Anil Rai Gupta, Chairman of QRG Investments & Holdings (Havells Family Office).
“Sunday Design is addressing a white space in the industry. The mid-segment has been wholly underserved and by bringing together a global design aesthetic and pairing it with local manufacturing, Sunday is offering something that has already shown significant traction,” Anil said.
Speaking on the investment, Ashish Bharatram, Chairman & Managing Director of Kama Group (Family Office of SRF Ltd) said, “Sunday Design marks KAMA Group’s first private investment in this sector and we have great confidence in the way they have defined a unique space for themselves in the growing furniture and home market. The Co-Founders, Gautam, and Vinit are veterans of the industry with a pulse on the market and the direction the sector is moving towards. KAMA Group looks forward to being part of the Sunday growth story.”
Source @Indianstartupnews
