Interior design and home decor startup Material Depot has raised $10 million in a funding round co-led by Accel and Stellaris Venture Partners, as the company looks to scale its omnichannel presence and deepen technology capabilities.
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, Ankit Nagori, Shashvat Nakrani, Spinny founder Niraj Singh, Abhishek Goyal, and others.
Material Depot had earlier raised over $4 million from Y Combinator and other early-stage backers.
Use of Funds
According to the company, the fresh capital will be deployed to:
- Strengthen its technology stack across supply chain management, inventory planning, and assisted in-store selling
- Expand its product portfolio and curated collections
- Scale its offline experience centre network across cities
Omnichannel Model for Interiors and Construction Materials
Founded in 2021 by Sarthak Agrawal and Manish Reddy, Bengaluru-based Material Depot operates as a digital-first, one-stop platform for construction, interior design, and home decor materials. Its catalogue spans tiles, laminates, plywood, wall panels, quartz, and other building materials.
The platform offers features such as curated assortments, 3D visualisation tools, and direct from manufacturer sourcing, catering to both design professionals and homeowners.
Material Depot follows an omnichannel retail model, allowing customers to discover products online and then visit physical experience centres to touch, feel, and compare materials before finalising purchases.
Scale and Expansion Plans
The company currently features over 300,000 materials on its platform and operates with a strong private-label focus, with in-house brands accounting for around 60% of its portfolio.
At present, Material Depot runs three experience centres in Bengaluru. Over the next 12–18 months, it plans to expand to 30+ experience centres across multiple cities and grow its customer base to over 50,000, up from around 15,000 currently.
Why It Matters
As India’s residential and commercial interiors market continues to expand, platforms that combine digital discovery with physical retail are attracting investor interest. Material Depot’s omnichannel approach and private-label strategy position it to capture a larger share of the fragmented interiors and construction materials market.
Follow Startupbydoc for daily startup insights, funding news, IPO analysis, and business breakdowns.