How these two founders helps you to design your dream home.
29th, November 2017 - Startup
Originated back in 2015, MyGubbi is a Bengaluru based startup which aims at offering Interior Design solutions and Home Merchandise across various categories to style the modern homes. As stated by Umesh Sangurmath, one of the founders of MyGubbi, “the idea was actually born at the airport when we were out for a business meeting. We looked at the homes per city and hence the opportunity.”
Umesh Sangurmath and Ravi Rao after learning the declination of Real Estate as an industry, realized home ownership is more likely to grow in the upcoming years and the fact that people are more likely to spend around 10 lacs on an average on furnishing their homes, gave them a presupposition for their idea.
Ravi and Umesh started of as being friends at engineering college and having worked at IT companies Infosys and Wipro respectively for more than a decade. During this long period they built and maintained applications for global retailers, which helped them become retailers themselves after they quit their jobs back in 2003.
They started their own brand called ‘Smart’ in 2005, which was a grocery retail chain after learning retailing operations by running a couple of franchised stores. Three years post Smart, they sold it to Wadhavan Group; a Mumbai-based real estate group, who were expanding their chain in South India. They stayed in company till 2010, after which they left to pursue their other interests.
In the long interval of almost 4 years, Ravi Rao got himself a PhD in Agile Computing from IIM-B, while Umesh went on to become CIO of the $3 billion Future Group. After which in 2014 both of them decided to invest in small real-estate company, during which they saw the opportunity in furnishing.
Outset & Operation
MyGubbi works with a team of in-house designers, whose designs can be accessed by customers. Once the customer decides on the décor and furnishing, the company promises delivery within 45 days. The orders for modular items are then sourced from different factories and assembled at a central location. The items are shipped to the house on the 30th day and then fitted in under 15-days.
The home interior decor and furnishing has 4 different entry points - design services, modular furniture, decor and furniture. As Mr. Rao explained, “Our entry point is modular furniture for the time being, however going forward, we would also get into decor and furniture.”
MyGubbi primarily targeted new home owners in Bengaluru along with handling remodeling requests. In only Bengaluru alone, the company sees an opportunity of Rs. 5,000 Crore at the rate of Rs 5 lakhs spend per new home. At present, the company averages 30-50 homes a month and targeting a monthly rate of 100 homes in Bengaluru.
As of March 2016, MyGubbi raised $2.5 million in pre-Series A funding. The finance was raised by 20 angel investors led by Vipul Parekh, co-founder Big Basket; Ananda Kallugadde, co-founder of Neobytes; and Rajesh K. Murthy, EVP Infosys. This turned out to be a huge step towards expanding their company and spreading their wings.
MyGubbi presently just catering to Bengaluru market is looking forward to expand its horizons to Mumbai, Pune, Mangaluru and Coimbatore over the next few months.
The startup is also looking forward to raise more finance from Series A funding of $5 million.
Ravi Rao said, “We have blended strong service delivery, where we ensure end-to-end delivery in 45 days with a marketplace model using a blend of online and offline approaches.” He also explained. “Since its inception, MyGubbi has concentrated on modular furniture, but given that decor & furnishing also play an integral role in setting up the home, we intend to further strengthen our presence in these categories.”
As explained by the co-founder, MyGubbi is not looking forward to just expand its horizons in various cities, but also to expand its categories with time so that they can provide more services to their customers. They are also looking forward to improve the number of homes they are targeting in a month.
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Rishabh Kumar, currently pursuing Computer Science engineering. Amateur, keen content writer and researcher. Always looking forward to learning, discover and experience new things.