New Delhi: Relso, a furniture and home furnishings sourcing and export company, on Tuesday said that it raised $840,000 in a pre-seed round led by leading angel-investing platforms Ventures Catalysts and Inflection Point Ventures.
The round also saw the participation of distinguished investors such as Ramakant Sharma (Livspace Founder & Global COO), Shantanu Deshpande (Bombay Shaving Co. Founder), and Saurabh Jain (Livspace India CEO).
“With this fund, 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,” Anshul Choubey, Co-Founder and CEO of Relso, said in a statement.
In addition, the company said that it will also use the funds to support its growth and innovation objectives as a part of its vision to become a global player in the furniture manufacturing and export segment.
“In just a year of operations, Relso has swiftly emerged as a game-changer in the furniture sector. It is poised to propel India to the forefront of the global furniture market, replacing the current leader, China,” said Dr Apoorva Ranjan Sharma, MD & CEO of Venture Catalysts.
The global 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, the company mentioned.
This post was last modified on March 19, 2024 3:07 pm