Home improvement firm Arrivae has raised Rs 21 crore from CaratLane founder Mithun Sacheti in an equity round.
The firm, founded in 2018 by Yash Kela, will use the funds to go deeper into existing markets and strengthen its supply chain, its business head Raghav Bubna told ET. Arrivae is present in Mumbai, Hyderabad, Gurugram and Bengaluru, and runs 11 stores in these cities.
“We want to expand further in these geographical micro-markets, with some measured expansion into new markets also possible,” Bubna said, without giving exact details.
Arrivae provides end-to-end, design-to-manufacturing services for home interiors and improvements, and claims to have a catalogue of over a million elements. These projects can range anywhere from Rs 75,000 for a smaller kitchen project to upwards of Rs 3 crore for the most lucrative projects. Usually, such projects cost between 8-10% of the house’s value, Bubna said.
With this investment, Sacheti is set to join the board of directors at Arrivae. Bubna, Yash Kela and noted investor Madhus ..