Home decor startup Vaaree raises $4 million in round led by Peak XV’s accelerator programme Surge
Surge, Peak XV’s accelerator programme.
Other investors in the round include Peer Capital, All In Capital and Better Capital. The new funding will be used to accelerate hiring and enhance the user experience on the online platform, said a statement from the company.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitThe funding will also be used to support critical areas, including curation, merchandising, supply chains and help create omnichannel experiences, said co-founder Varun Vohra.
With a focus on affordability, Vaaree lists products from individually vetted manufacturers. Leveraging its factory-to-home model, the company tries to drive logistics and supply chain efficiencies, and minimise spending on advertising and packaging to keep prices affordable.
Vaaree launched a retail store, its first, in Bengaluru in the last week of October, at the Forum South Bangalore Mall. The store serves as an experience centre and aims to convert customers. Vaaree has 2,000 of its 20,000 products on display at the shop.
“Offline is a brand story, to encourage online behaviour… SKUs will just double over the next two quarters on the website… We're aiming to grow 6x to 8x by next September,” co-founder Garima Luthra told ET.
The products range from kitchenware to bedding, including barware, cast iron cookware and fitted bedding, which were sold out in the first week of the store’s opening, the company claimed.
Founded in February 2022 by Luthra, Vohra and Pranav Arora, Vaaree
