Home decor startup Vaaree raised $2 M Pre-series A funding from Capier, others
In a pre-Series A round led by Capier Investments and including Peak XV’s Surge Ventures, home furnishings and decor startup Vaaree has raised Rs 20.78 crore ($2.5 million).
In order to raise Rs 20.78 crore, or $2.5 million, the Vaaree board of directors passed a special resolution to issue 3,063 pre-series A CCPS at an issue price of Rs 67,856 each, according to the company’s regulatory filing accessible through the Registrar of Companies.
Surge Ventures contributed Rs 8.31 crore and Capier Investments Rs 12.47 crore to the pre-series A. Most likely, the company will receive more funding in the same round.
The company’s post-money valuation, according to media estimates, is approximately Rs 180 crore ($21.6 million).
To date, Vaaree has raised about $7 million, including a $4 million seed investment in September of last year led by Surge Ventures of Peak XV and involving Vistra, Better Capital, Capier Investments, and All in Capital.
Vaaree is a home decor company that was founded in 2022 by Garima Luthra, Pranav Arora, and Varun Vohra. It offers services for furnishing, kitchen, decor, bath, and garden.
Vaaree raised money from angel investors Kunal Shah, Arjun Vaidya, Vineeta Singh, Ghazal Alagh, Varun Dua, Manish Dugar, Anjali Bansal, Suhail Sameer, and Ruchi Deepak, among others. Vaaree was a part of the eighth cohort of Surge’s accelerator program.
Vaaree reported operating revenue of Rs 1.91 crore for its first fiscal year (FY23), but the company also reported a loss of Rs 3.5 crore during that same period. The business has not yet submitted its FY24 financial results.
The best funded startups in the home décor market are Furlenco, HomeLane, and Livspace. In the previous two years, early-stage businesses like Sunday Design, KraftInn, DecorTwist, and others have also raised money.
