Bangalore based Bonito, the interior home design firm has secured the first round of external funding where it has picked up $6.3 million as part of pre-Series A round investment. Early-stage strategic investment fund Tomorrow Capital has infused the capital.
Sameer and Vathsala Rangegowda had founded the platform in 2012. However, they quit the firm later and Rickson D'souza joined the firm as a co-founder. With the fresh round of infusion, Bonito plans to enter the major metro cities like Mumbai, Pune, and Hyderabad. The freshly raised funds will also help the firm expand the operations and ramp up the production as well.
Sameer AM, the CEO of the company commenting on the segment said, “The interior designer market in India is unorganized in most parts but a shift is taking place. With new-age customers looking for quality designs, the demand for organized companies like Bonito is on the rise."
Tomorrow Capital's Rohini Prakash, the CEO of the firm talking about the capital infusion said, “Bonito Designs is a brand that uses a process-driven delivery model to provide unique design solutions. The brand’s philosophy – ‘everyone deserves a designer home’ – is what caught our attention." Tomorrow Capital focuses on helping early-stage firms in the country with its $100-million fund. Flipspaces is another company which has recently bagged investment. Livespace, the Bangalore-based company had raised $70 million in funding from TPG Growth and Goldman Sachs last year in September.
As the fresh money pours in for Bonito, it will be interesting to see how things pan after the capital infusion.
Image Courtesy : bonito