Online furniture customisation player Stitchwood is planning to raise USD 10 million (around Rs 65 crore) within six months as it looks to ramp up its operations.
Online furniture customisation player Stitchwood is planning to raise USD 10 million (around Rs 65 crore) within six months as it looks to ramp up its operations.
The company, which started operations in March this year, has so far raised around USD 500,000 (around Rs 3 crore) from two angel investment rounds.
"We are planning to go for our first venture capital round within a quarter or two. We are the only player in this furniture customisation segment and we have got good interest from investors. We expect something around USD 10 million," Ajit Shegaonkar, Co-Founder, Stitchwood told PTI.
"The funding will be mainly used for consolidating our position in the three cities we are present, enhancing the user interface and on marketing campaigns," Ajit added.
Starting from Mumbai, Stitchwood is now also present in Delhi-NCR and Bengaluru. Shegaonkar said the next focus will be on the southern markets with Chennai as its hub.
"From Mumbai, we are able to serve the western markets like Gujarat, including Ahmedabad. Next we want to focus on the southern market with Chennai as our centre for the region. We are also looking for expansion to Kolkata and the North-east. But this will be only after 8-9 months as now we want our full dedication to the three metros we are present," Ajit further told PTI.
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