The funding round, led by 3one4 Capital and Info Edge Ventures, will help Gravity expand its home interior materials business and strengthen its market presence.
Bengaluru-based home interior materials startup Gravity has raised $15 million in a mix of equity and debt as it looks to expand into new product categories and strengthen its technology and distribution infrastructure.
The round was co-led by 3one4 Capital and Info Edge Ventures, with participation from Alteria Capital, Genesia Ventures and a group of angel investors. Gravity has not disclosed the split between equity and debt.
The fresh capital will be used to strengthen technology, distribution and key-account infrastructure, expand into new categories, build the brand and support working capital requirements as the company scales.
Building a platform for interior materials
Gravity was founded by former Livspace executives Saurabh Jain and Lalit Mittal. Jain previously served as CEO for India at Livspace, while Mittal was its CBO for India.
Jain helped scale Livspace’s India business to an annualised revenue run rate of around Rs 1,500 crore, while Mittal led the company’s expansion across 30 cities.
Earlier, Jain co-founded design community and marketplace DezignUp, which Livspace acquired in March 2015. Jain and members of the core team later joined Livspace.
At Gravity, the founders are applying their experience to India’s fragmented interior materials market. The company is initially focused on kitchens and wardrobes, bringing specialist businesses onto shared technology, distribution, procurement, key-account management and operating infrastructure.
Its customers include designers, architects, modular showrooms and design-and-build studios involved in selecting and procuring materials for interior projects.
Expanding beyond kitchens and wardrobes
Gravity is targeting a supply chain that remains fragmented across dealers, distributors and suppliers specialising in individual product categories.
The company aims to improve product availability, fulfilment and pricing visibility through its platform.
“We are building Gravity to make sourcing simpler, more dependable, and more efficient,” Jain said.
Gravity said the businesses in its initial portfolio have a combined revenue base running into several hundred crore rupees and are EBITDA positive.
The startup plans to expand into additional categories including doors and windows, lighting, wall surfaces and home automation.
Rather than creating separate systems for each category, Gravity plans to use common technology, distribution and operating infrastructure across its businesses.
The latest funding will support that expansion as the company builds a broader platform for sourcing interior materials and serving the businesses involved in India’s home interiors market.
Read more news and follow us on Instagram
Gravity co-founders
Source: ISN
