InnoDesigns raises Rs 75Cr from PAN Group
A new online furniture marketplace, InnoDesigns, announced that it has raised funds worth Rs 75 crore from the PAN Group.
The business model of InnoDesign will be to build a platform where customers can pick any of the furniture designs and get it built by the listed carpenters and small and medium scale manufacturers located in that particular city.
The manufacturing partners including the carpenters will be chosen based on their experience and skill as the startup promises flexibility as well as affordability for its customers.
InnoDesigns is looking to begin its operations from two cities – Kochi and Coimbatore and strives to have a national presence later. The freshly raised funds will be utilized for market expansion, technology development, and hiring of talent.
Speaking about the funding, Nidhey A Pan, Founder and CEO, InnoDesigns, said, “We are excited to launch this unique ecosystem of buying furniture, Home décor, and any other thing for a home. We have launched first in the south of India and in the coming few months in cities like Mumbai, Delhi-NCR, and other regions of India.”
The startup will be focused on the home furniture and décor market with plans to use technology to offer a new kind of customer experience.
It promises that the products to be sold on its platform will be more affordable than offline stores. Apart from this, InnoDesigns will also offer additional income-generating opportunities for the carpenters and SMBs involved in this woodwork segment.
Neetii Maacker, COO, InnoDesigns, said, “Our primary focus is on ensuring 100 percent customer satisfaction, thereby creating a special place for the brand InnoDesigns in the fast-evolving sector of furniture. At InnoDesigns, we follow the best standards of design and craftsmanship.”
The PAN Group is a family-run business headed by Arvindbhai Pan headquartered in Rajkot, Gujarat. It has business interests in fields like cotton, cement, edible oil, cattle feed, health and hygiene products, hygiene, and medical-grade nonwoven materials.
InnoDesigns seems to be starting off with an innovative idea that will help small businesses and customers alike. I’m sure the company will be very successful in the time to come. My best wishes to the team of InnoDesigns.Shishir Gupta, Founder and CEO, StartupLanes
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