Relso, a furniture cloud factory has raised $840,000 co-led by leading angel-investing platforms Ventures Catalysts and Inflection Point Ventures. The round also saw the participation of investors such as Ramakant Sharma (Livspace founder and global COO), Shantanu Deshpande (Bombay Shaving Co. Founder), Saurabh Jain (Livspace India CEO).
The Bengaluru-based start-up plans to utilise the funding amount in charting out its global expansion strategy, talent acquisition, team and vertical expansion.
On his investment rationale, Dr Apoorva Ranjan Sharma, MD and CEO of Venture Catalysts, said, "In just a year of operations, Relso has swiftly emerged as a game-changer in the furniture sector, harnessing the power of technology and ingenuity to redefine traditional paradigms and boasts of an impressive execution track record. Relso is poised to propel India to the forefront of the global furniture market, replacing the current leader, China.”
Mitesh Shah, co-founder, Inflection Point Ventures, says, “Traditional furniture manufacturing processes not only neglect sustainability standards but also entail significant resource consumption, lengthy lead time and limited design flexibility. By embracing cloud-based manufacturing solutions, Relso is revolutionizing the customer experience by prioritizing quality and sustainability throughout the design-to-delivery process, offering latest designs with flexibility to change and competitive pricing. IPV’s investment in Relso is a testament to its firm belief in the transformative power of innovation.”
On its first funding round, Anshul Choubey, co-founder and CEO of Relso, said, “Venture Catalysts and IPV along with other investors have focused on meticulously understanding our business, along with providing invaluable insights and fostering a deep understanding of our goals. With this fundraise, we aim to supercharge our export GTM strategies, bolster our tech platform, and expand our supply chains. This infusion of capital will propel Relso and India as the top choice for our clients’ export needs, furthering our mission and vision for the future."
The worldwide Furniture market is projected to generate a revenue of $766.20 billion in 2024, with an anticipated annual growth rate of 5.02 per cent from 2024 to 2028.
