The home decor industry is reshaping at a faster pace and startup Vaaree is shouldering responsibility to some extent. It has lately raised Rs 20.78 crore ($2.5 million) in a pre-Series A funding round led by Capier Investments for the purpose. The other investor was Peak XV’s Surge Ventures.
Vaaree was founded by Garima Luthra, Pranav Arora and Varun Vohra and in a short period of just two years it has emerged as a noteworthy player in the segment. Its recent funding round involved issuing 3,063 pre-series A Compulsorily Convertible Preference Shares (CCPS) at Rs 67,856 each. Capier Investments contributed Rs 12.47 crore. Surge Ventures contributed Rs 8.31 crore. The fresh capital showcases strong confidence of investors in the vision and potential of Vaaree.
The fresh funding also reflects rising investor interest in the home decor sector. With the round the valuation of Vaaree stands at Rs 180 crore ($21.6 million). The estimate was revealed by TheKredible. It marks a notable leap for it as until now it has raised around $7 million and this includes a $4 million seed round led by Surge Ventures and supported by Vistra, Better Capital, Capier Investments and All in Capital.
The offerings of Vaaree include a range of home decor categories like furnishings, kitchen items, decor pieces, bath accessories and garden products. The diverse portfolio caters to a wide array of consumer preferences.
Even though the startup has a potential to grow at a rapid speed, its financial journey has not been without challenges. In its first fiscal year its revenue was Rs 1.91 crore against a loss of Rs 3.5 crore. Its financial results for FY24 are yet to be disclosed. Stakeholders are eagerly awaiting for the updates.
