Interior design and home decor startup Material Depot has raised $10 million in a funding round co-led by Accel and Stellaris Venture Partners.
The round also saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with a group of angel investors including Livspace founder Ramakant Sharma, Curefoods founder Ankit Nagori, BharatPe cofounder Shashvat Nakrani, Spinny founder Niraj Singh, and Tracxn founder Abhishek Goyal, among others.
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot operates a consumer-facing platform for decorative interior materials such as tiles, laminates, wallpapers, wall panels, quartz, and wooden flooring. The company follows an omnichannel model, allowing customers to discover products online and then visit physical experience centres to touch, feel, and compare materials before making purchase decisions.
Unlike larger players such as Livspace or HomeLane, which offer end-to-end design and build services, Material Depot said it focuses purely on materials — curating, pricing, and supplying products.
“About 60-70% of our customers are end consumers, people buying materials for their own homes, while about 30-40% are professionals such as architects, interior designers, and contractors,” Reddy told ET.
“Post-Covid there has been a new wave of awareness with Pinterest, YouTube, and Instagram, where people are much more aware of the trends in interior materials. They want to have much more say in choosing the final finishes. That is the new trend that we are looking at,” he added.
The fresh capital will be used to strengthen the Bengaluru-based company’s technology stack across supply chain management, inventory planning, and assisted in-store selling, while also expanding its product portfolio and collections, the company said. A portion of the funds will also go towards scaling its offline presence across cities.
“Today, customers are totally dependent on designers. Even when they discover ideas online, they don’t know whether those materials are actually available because the market is highly fragmented,” said Rahul Chowdhri, partner at Stellaris Venture Partners. “That is the opportunity Material Depot is addressing. In our estimate, this is a roughly $14 billion market.”
Material Depot currently operates three experience centres in Bengaluru. Over the next 12-18 months, it plans to expand to more than 30 experience centres across multiple cities and increase its customer base to over 50,000 from around 15,000 currently.
“Home materials in India remain a low-trust, supplier-led market, even as homeowners have evolved into informed, design-driven decision makers. Material Depot is flipping this model by anchoring the category in design intelligence, supply chain control, and a trusted physical experience,” said Pratik Agarwal, partner at Accel.
The round also saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with a group of angel investors including Livspace founder Ramakant Sharma, Curefoods founder Ankit Nagori, BharatPe cofounder Shashvat Nakrani, Spinny founder Niraj Singh, and Tracxn founder Abhishek Goyal, among others.
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot operates a consumer-facing platform for decorative interior materials such as tiles, laminates, wallpapers, wall panels, quartz, and wooden flooring. The company follows an omnichannel model, allowing customers to discover products online and then visit physical experience centres to touch, feel, and compare materials before making purchase decisions.
Unlike larger players such as Livspace or HomeLane, which offer end-to-end design and build services, Material Depot said it focuses purely on materials — curating, pricing, and supplying products.
“About 60-70% of our customers are end consumers, people buying materials for their own homes, while about 30-40% are professionals such as architects, interior designers, and contractors,” Reddy told ET.
“Post-Covid there has been a new wave of awareness with Pinterest, YouTube, and Instagram, where people are much more aware of the trends in interior materials. They want to have much more say in choosing the final finishes. That is the new trend that we are looking at,” he added.
The fresh capital will be used to strengthen the Bengaluru-based company’s technology stack across supply chain management, inventory planning, and assisted in-store selling, while also expanding its product portfolio and collections, the company said. A portion of the funds will also go towards scaling its offline presence across cities.
“Today, customers are totally dependent on designers. Even when they discover ideas online, they don’t know whether those materials are actually available because the market is highly fragmented,” said Rahul Chowdhri, partner at Stellaris Venture Partners. “That is the opportunity Material Depot is addressing. In our estimate, this is a roughly $14 billion market.”
Material Depot currently operates three experience centres in Bengaluru. Over the next 12-18 months, it plans to expand to more than 30 experience centres across multiple cities and increase its customer base to over 50,000 from around 15,000 currently.
“Home materials in India remain a low-trust, supplier-led market, even as homeowners have evolved into informed, design-driven decision makers. Material Depot is flipping this model by anchoring the category in design intelligence, supply chain control, and a trusted physical experience,” said Pratik Agarwal, partner at Accel.