Storage solutions provider BoxMySpace today said it has raised Rs 19.2 crore from a consortium of investors.
“Backed by our maiden investment, we aim to scale operations, strengthen our back-end as well as invest in brand building initiatives. We are elated that investors have shown confidence in our business model and strategic vision,” BoxMySpace co-founder and CEO Pratyush Jalan said in a statement.
The funding will be deployed primarily towards expanding operations in other metros, including Pune, Bangalore and Delhi, and undertaking key marketing efforts.
This funding round was led by Farooq Oomerbhoy, who was one of the co-founders of the early stage fund Orios Venture Partners. Ritesh Veera and Singapore Angel Networks also participated in the funding round.
BoxMySpace, which uses technology to enable clutter free homes and office spaces, delivers high quality storage boxes to customer’s homes or offices wherein they can pack their belongings in the boxes. Thereafter, BoxMySpace collects it and stores it safely for them.
The consumer can avail on-demand storage service for their household goods through the web or mobile application across Android and iOS platforms for a monthly fee, starting Rs 99.
The company also plans to launch other storage solutions in future and partner with online retailers and SMEs to streamline their need for an efficient storage solution for their goods, the statement added.