A manufacturer of made-to-order furniture and a home improvement platform, Arrivae raised Rs 21 crore from CaratLane founder Mithun Sacheti. He will join the board of the company after this investment, according to media reports.
Founded in 2018, the Mumbai-based start-up secured about Rs 75 crore from funding from Think Investments and Havells Group in February 2023. The series B round also saw participation from Emerge Capital and existing investors.
In a conversation with The Economic Times, Raghav Bubna, the business head, stated that the company plans to use this investment for expanding its presence in current markets and fortifying its supply chain.
The company has 11 stores in Mumbai, Hyderabad, Gurugram and Bengaluru.
“We want to expand further in these geographical micro-markets, with some measured expansion into new markets also possible,” Bubna told ET.
"The company's vision is to democratise design by making it accessible, affordable and seamlessly integrated into customers' ideas and dreams," the company said in a statement.
Accordin to the reports Sacheti will be joining Bubna, Yash Kela and noted investor Madhusudhan Kela of MK Ventures as the board of directors.
Reacting to his decision to fund the company, Sacheti said, “The home improvement industry is rapidly becoming one of India's most lucrative markets involving deep engagement and emotions from the consumers. With one of the largest design libraries in the sector, Arrivae’s #HoJayega sentiment, enabled by its integrated supply chain model and distribution for home improvement play taking it closer to the consumer makes them well positioned to solve this problem for the consumers.
Sacheti and Yash Kela are working together at investment firm Singularity Growth, where Sacheti is a general partner and Kela is founder and chief investment officer. Sacheti is also associated as a major limited partner (LP) in Flipkart founder Binny Bansal's O21 Capital, an investment firm focused on early stage venture.
