Vendmart Retail Pvt Ltd, which runs direct-to-consumer (D2C) startup Wallmantra, on Oct 29 said it has raised an undisclosed sum in a financing round led by revenue-based financier Velocity. The start-up has so far raised three rounds from Velocity, cumulatively raising 5x the amount raised in the initial round.
Founded in 2013, Wallmantra designs and sells affordable wall and interior decor via its own website and marketplaces like Amazon and Pepperfry. It offers more than 1,000 unique products like wall aquariums, 3D frames, garden shelves, wall shelves, wooden wall hangings, designer clocks, and more.
Shivam Agarwal, the co-founder of WallMantra, believes that a great ambiance can turn a regular space into a ‘living space’. “Adding decor and artwork to your house can add an edge to your home’s look and feel. People often do not realize how living in surroundings that resonate with personal taste can positively impact mood and attitude. We have a massive range that effectively caters to all kinds of customers.”
Wallmantra is now preparing for its next growth sprint with this round from Velocity. “By deploying capital raised from Velocity effectively 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 Agarwal.
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There is a huge opportunity for e-commerce players in the furniture and home decor segment in India. Per Uncommerce, one of Velocity’s partners, the home decor industry reported an order volume growth of 51% coupled with a significant GMV growth of 108%. 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 currently growing at 80-85 per cent per annum.
Speaking about the round of financing, Abhiroop Medhekar, Co-founder & CEO of Velocity.in 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% is higher than the industry average.”
Velocity.in is India’s largest revenue-based financier. The company commenced operations in early 2020 and has since worked with over 500 e-commerce businesses. The Bengaluru-based fintech, has also tied up with 20+ D2C enablers such as AWS, AdYogi and Cashfree amidst others. These partnerships benefit Velocity’s portfolio companies as they gain the ability to avail better commercials from its partners.
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