Wallmantra Raises Financing From Velocity
Direct-to-consumer (D2C) brand Wallmantra has raised an undisclosed amount of financing from Velocity, India’s largest revenue-based financier. So far, the startup has raised three rounds from Velocity, cumulatively raising fivefold the amount raised in the initial round.
Founded in 2013, Wallmantra designs and sells affordable wall and interior decor via its own website. It offers more than 1,000 unique products like wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks, and more.
Wallmantra is now gearing up for its next leg of growth with financing from Velocity. “As a result of the capital raised from Velocity, we have been able to double our revenues within 10 months. We’ve raised larger rounds at better terms as a result of our long-standing association with them,” said Shivam Agarwal, co-founder, WallMantra, adding “We had previously raised capital from various NBFCs however, in Velocity, we have found a partner that offers financing at fairer terms and at a faster pace than others. With each subsequent round, we have observed that the operational overhead in terms of paperwork and other formalities has been reduced as well. This has enabled us to focus on our business and not waste bandwidth worrying about funding.”
Speaking about the round of financing, Abhiroop Medhekar, Co-founder & CEO of Velocity, said, “WallMantra is one of our portfolio companies that is poised for exponential growth. They earn most of their revenues via their own website and therefore have impressive margins. Over time, as we have become more bullish on their scale, we have deployed multiple rounds with them. Our ability to extend capital at better terms with each round is one of the reasons why our retention rate at 78 percent is higher than the industry average.”
There is a massive opportunity for e-commerce players in the furniture and home decor segment in India. The furniture industry currently stands at $17 billion in size. The online furniture segment is expected to capture a large portion of this segment and is presently growing at 80-85 percent per annum.
Click on these links below to read the complete article:
Entrepreneur India, Business News, yourstory, BWDisrupt, VCCircle
Velocity is India’s largest revenue-based financier. We offer up to Rs. 3 crores to online Indian businesses. We currently cater to direct-to-consumer (D2C) and e-commerce brands. To grow your business with us, apply now and get funded within 7 days.