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Startup investment platform We Founder Circle (WFC) has participated in the $100,000 (debt and equity combined) worth seed funding round in Nestroots, a home décor startup. This is the first round raised by the startup.
Neeraj Tyagi, CEO and Co-founder, We Founder Circle said,
“Consumer behaviour in India has been gradually shifting towards urban lifestyle. This continuous shift has been driving the home decor market steadily. Also, globally during the current pandemic home décor has been the fastest-growing category online, as homes have become the centre of attraction much beyond just living. Today home is your extended office, entertainment zone, party place and much more. All these factors have together created a more favourable scenario for home decor startups like Nestroots to thrive.”
The startup plans to use funds in digital marketing, building a better UI UX for its customers, facilitating association with vendors, and building more product categories.
“Though being bootstrapped till now we have seen amazing results and received a great response from the consumers, raising this round will really help us accelerate our growth plans, explore newer avenues and take bigger leaps in less time. We have been a profitable business since inception,” said Chhavi Singh, Founder, Nestroots.
Founded in 2016, the Gurugram-based startup currently sells from multiple platforms including its own website, and other marketplaces catering to furniture, dining and tableware categories.
Nestroots claims to have been able to reach 55,000 customers since its inception. The brand aims at increasing the number of product parent categories from the current 7 to 12 by the end of fiscal 2021-22.
“Our product range has been widely accepted and liked by the customers in the segment. Now we are focused on increasing the customer base in India by providing aesthetically high and durable products at affordable prices. Raising this round has also given us the opportunity to have Hitesh Dhawan on board as a digital marketing mentor for Nestroots, who has also participated in this round. Hence, this round is not just restricted to financial support but also enables strategic and advisory support for us,” Chhavi added.
