Wify plans to use the fresh funds to shore up its existing offerings by adding more value-added services, expand into newer categories and strengthen its tech stack
A part of the proceeds will also be earmarked to ramp up hiring efforts across its management team
Founded in 2019, Wify is a full-stack B2B and B2C enterprise tech startup that offers on-site installation and post-purchase home furnishing services
Home furnishing startup Wify has closed its Pre-Series A funding round at INR 40 Cr (around $5 Mn).
The Mumbai-based startup closed the round in two tranches. In the first leg, it raised $2 Mn (around $15 Cr) in 2022 from Blume Founders Fund and Singularity Ventures among others.
Meanwhile, in the second leg it secured INR 25 Cr (around $3 Mn) co-led by Mount Judi Ventures and existing backer Capria Ventures.
The company plans to use the fresh capital to shore up its existing offerings by adding more value-added services, expand into newer categories and strengthen its technology. A part of the proceeds will also be deployed to ramp up hiring efforts across the management team.
“This funding will help accelerate our growth through technology deployment and inorganic growth opportunities. It will help realize our vision of becoming the number 1 brand for upgradation, repair, and maintenance of urban homes,” said cofounder and CEO Vikram Sharma.
Founded in 2019 by Sharma and Deepanshu Goel, Wify is a full stack B2B and B2C enterprise tech startup that offers on-site installation and post-purchase home furnishing services.
The startup helps brands manage their customer orders throughout product life cycle. It also provides worker upskilling and enables them to perform home furnishing services.
Wify counts IKEA, Amazon, Livspace, Godrej, HomeLane and Hettich among its portfolio clients.
Additionally, it is planning to leverage generative artificial intelligence (GenAI) for training and onboarding of technicians and enhance user experience.
The startup competes against the likes of Livspace, HomeLane and Kraftinn among others in the home furnishing sector.
India’s home decor market is expected to grow at a CAGR of 4.14% to reach a valuation of $40.98 Bn by 2028, as per data from Research Markets.
Recently, it was reported that furnishing startup Vaaree was looking to raise INR 20.78 Cr ($2.5 Mn) in a Pre-Series A funding round.
In another instance, home renovation and interiors platform Livspace turned unicorn in 2022 after raising $180 Mn in its Series F round led by private equity group KKR. Now, it is planning a reverse flip to India with an IPO in sight.
