Source: Indian Retailer
The days of wandering through dusty warehouses and juggling physical catalogues are officially numbered. Material Depot, the Bengaluru-based startup redefining how we source home decor, just secured $10 million in a Series A funding round.
Led by heavyweights Accel and Stellaris Venture Partners, the round also drew interest from a “who’s who” of the startup ecosystem, including investors from Livspace, BharatPe, and Spinny. This is not just another funding announcement; it’s a signal that the $25 billion Indian home construction material market is ripe for a digital-first overhaul.
Why the Big Players are Betting on Material Depot
It was founded in 2022 by Manish Reddy and Sarthak Agrawal. Material Depot has solved a headache every homeowner and architect knows too well: fragmented supply chains.
By building a digital-first, one-stop platform, the startup has successfully bridged the gap between clicking a mouse and feeling a texture. Their secret sauce? An omnichannel model that allows users to browse over 300,000 materials online and then finalise their choices at physical “Experience Centres.”
The numbers speak for themselves:
- 300,000+ materials listed on the platform.
- 60% of the portfolio consists of high-quality private-label brands.
- 15,000+ customers served since their inception.
A Star-Studded Cap Table
The trust in Material Depot’s vision is evident in its backers. Beyond the lead VCs, the round saw participation from:
- Firms: Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC.
- Angel Power: Industry veterans like Ramakant Sharma (Livspace), Ankit Nagori (Curefoods), and Shashvat Nakrani (BharatPe) have all put their weight behind the brand.
This follows an earlier $4 million seed round, backed by the prestigious Y Combinator, demonstrating that the company’s trajectory has been consistently upward.
What’s Next: 30 Cities and High-Tech Showrooms
So, where is that $10 million going? Material Depot is not just looking to grow; they are looking to dominate.
- Tech-Enabled Sourcing: Significant investment will flow into supply chain AI, inventory planning, and “assisted selling” tools for in-store staff.
- Aggressive Physical Expansion: Currently operating three Experience Centres in Bengaluru, the company aims to scale to 30+ locations nationwide within the next 18 months.
- Customer Growth: With the infrastructure in place, they are eyeing a leap from 15,000 to over 50,000 customers.
The Bottom Line
Material Depot is proving that “digital-first” does not mean “digital-only.” By combining the ease of 3D visualisation tools with the tactile reassurance of physical showrooms, they are creating a blueprint for the future of Indian retail. For businesses in the interior design space, this startup is worth watching very closely.
