Home furniture and interiors startup Vaaree has raised Rs 278 crore ($2.5 million) in a pre-Series A round led by Capier Investments and participation from Peak XV's Surge Ventures.
Valley's board of directors passed a special resolution to issue 3,063 pre-Series A CCPS shares at an issue price of 67,856 rupees per share to raise 278 million rupees ($2.5 million), according to regulatory filings accessed through the Companies Registry.
Capier Investments has put in Rs 124.7 crore and Surge Ventures contributed Rs 83.1 crore in pre-Series A. The company is likely to raise more funding in the same round.
According to Credibleestimates that the company's valuation will be around 1.8 billion rupees ($21.6 million) after the fundraise.
Vaaree has raised approximately $7 million to date. $4 million The company raised seed funding in September last year led by Peak XV's Surge Ventures, with participation from Vistra, Better Capital, Capier Investments and All in Capital.
Founded in 2022 by Garima Luthra, Pranav Arora and Varun Vohra, Vaaree caters to various categories of home décor including furniture, kitchen, décor, bath, garden and more.
Valley Cohort 8 He is the founder of Surge's accelerator programme and has also raised funding from angel investors including Kunal Shah, Arjun Vaidya, Vineeta Singh, Ghazal Alagh, Varun Dua, Manish Dugar, Anjali Bansal, Suhail Sameer and Ruchi Deepak.
In its first fiscal year (FY23), Vaaree's operating revenue was recorded at Rs 1.91 crore, while the company's loss during the same period was Rs 3.5 crore. The company is yet to submit its financial results for FY24.
Livspace, HomeLane, and Furlenco are some of the top startups to have raised funds in the home décor space. Early stage companies like DecorTwist, Sunday Design, and KraftInn have also raised funding in the past two years.
