Material Depot, a home interior materials marketplace, has raised $10 Mn (about INR 90 Cr) in a Series A round co-led by Accel and Stellaris Venture Partners. The round also saw participation from Whiteboard Capital, DeVC, Soma Capital, MyAsiaVC, along with multiple angel investors. These included Livspace’s Ramakant Sharma, Curefoods’ Ankit Nagori, Bharatpe’s Shashvat Nakrani, Spinny’s Niraj Singh, Tracxn’s Abhishek Goyal and Supertails’ Vineet Khanna, among others. Material Depot intends to use the funds to expand its offline presence by setting up experiential stores across Bengaluru and Hyderabad over the next few months, cofounder Manish Reddy told Inc42. The startup currently operates 3 experience centres in Bengaluru, where it is also headquartered. “These are very high ticket purchases, made once or twice in a decade, and people want to make very informed decisions. That’s why the offline experience centres play a key role in conversion. So business acquisition happens online, and the conversion happens offline,” Reddy said. Founded in 2021 by Reddy and Sarthak Agrawal, Materials Depot is a digital marketplace focused on home interior materials, connecting contractors, interior designers, and developers with verified suppliers. Customers can shop from its curated collections of home interiors, or use inputs from their… Read MoreInc42 Media
