Material Depot, a startup focused on home interiors, just got $10 million in Series A funding. This is a big deal as the direct-to-consumer home and lifestyle market in India is growing fast. Accel and Stellaris Venture Partners co-led the funding round, with Whiteboard Capital, DeVC, Soma Capital, MyAsiaVC, and some angel investors also participating. The angel investors included some well-known names like Ramakant Sharma (Livspace), Ankit Nagori (Curefoods), and Shashvat Nakrani (BharatPe).
This funding will help Material Depot strengthen its position as a platform that’s changing how Indian homeowners find, choose, and buy interior materials. The company plans to use the money to improve its tech, especially when it comes to managing the supply chain, planning inventory, and helping customers in their stores. They’ll also be adding to their product selection. A major goal is to open more of their Experience Centers in different cities to build out their omnichannel D2C approach.
Material Depot is trying to fix the issues of trust and transparency in the Indian home interiors market. They’re combining good design with a supply chain that can handle small orders. This means Indian homes can get materials inspired by global designs in weeks instead of months. At their Experience Centers, customers can see prices upfront, expect reliable deliveries, and get help making decisions. This lets them see, compare, and pick materials all in one place, which is similar to how many D2C consumers like to shop.
Manish Reddy, the co-founder, said that building or remodeling a home in India can be stressful because there aren’t many choices and things aren’t always clear. Material Depot wants to give homeowners confidence in their decisions, clear prices, and reliable service. They want to move the focus from what suppliers want to what consumers need. This is part of a wider trend in the D2C world, where companies are focusing on building trust-based brands.
Since it started, Material Depot has worked with over 15,000 customers and has three Experience Centers in Bengaluru. They plan to expand to over 30 Experience Centers in different cities in the next year or so, and reach over 50,000 customers. This shows they have plans to grow fast but in a controlled way. That makes Material Depot one of the D2C startups to watch in the Indian home and lifestyle market.
Investors seem very confident in Material Depot’s approach. Rahul Chowdhri from Stellaris Venture Partners said that Material Depot is creating a one-stop shop in a home interiors market that’s worth $14 billion but hasn’t seen much change. Pratik Agarwal from Accel added that the startup is rebuilding the market by focusing on design, managing the supply chain, and providing a trusted in-person experience.
Material Depot is part of Accel Atoms, Accel’s platform for early-stage founders. They’re joining other D2C brands that are bringing structure to markets that are usually fragmented. With good financial backing, a business model that can expand, and a focus on earning consumer trust, Material Depot is becoming a key player in the future of the D2C home interiors market in India.
