Photo - furnichaar.com
56533

furnichaar.com

furniture/home décor marketplace

Bangladesh
Market: Other
Stage of the project: Operating business

Date of last change: 25.03.2022
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Idea

Furnichaar.com is Bangladesh’s only intelligent furniture/home décor marketplace that matches buyers with sellers through AI and data.

Current Status

Our current burn is about 4k/month and we processed 7k GMV and 1.5kNMV. Keep it mind, 90% of our orders have been organic Fb orders.

We just closed our bridge round of 70k led by Startup Istanbul and are looking for an additional 250k as a Seed round. You are likely to see more traction from April as we i) move into our new office which is also a pickup/order point for customers, mostly Walk Ins.

We are missing out on 60-80 orders/month for not having this setup ii) start our first proper user acquisition through various channels and launch marketing, now that we have closed the bridge round.

Market

Our roll-outs are important for scale, since only Tech can help us scale and we have a clear roadmap for this.

What we can expect in the future is a growing demand from millennial and Gen Z consumers, who choose brands whose values align with their own and that buying sustainable furniture is likely to drive the market in the future. Bangladesh remains untapped on sustainable furniture as of now.

However, as other industries such as sustainable garments, recycled goods have started to gain more traction, the demand for sustainable furniture will grow through market education and feedback.

We can also expect more transparent and regulated green marketing that requires simple, clear and easy-to-use product information.


Problem or Opportunity

We are organizing a very fragmented yet lucrative furniture/home décor industry through digitization in the form of a Seller-centric managed marketplace model in Bangladesh.

For the Sellers, it enables digital push of their products on www.furnichaar.com marketplace, thus empowering them with new users/customers/orders = higher revenue.

For the Users, the marketplace gives them access to a wide assortment of products, seller rating, price comparison along with Last Mile Delivery/logistical solution = more assortment.

Solution (product or service)

The core element of furnichaar.com is the provision of information: a detailed goods description/price information from over 55 Sellers/Vendors/Manufacturers that are fully integrated to help users easily view and compare options before making a decision. Provide Last Mile Logistics to incentive online buying.

Furnichaar.com marketplace model of ecommerce is being designed to specifically empower local businesses, particularly manufacturers, small scale sellers and vendors, allowing them to benefit from economies of scale and access an internet-savvy user base in an efficient, cost-effective and transparent manner.

Competitors

Currently, there is no direct online competitor apart from Daraz which is a horizontal marketplace.

Indirect competitors are the current sellers and brands.

However, we are approaching the market with a view to be the connector of sellers with users, hence, would complement our competitors directly.

Advantages or differentiators

Our team has members who has been involved in Bangladesh tech/eCommerce space since 2011. We have seen how the market has evolved in the last 11 years and we have been active players in the ecosystem.

Shifat – ex Groupon/Rocket Internet COO, Founder Bproperty/GREEHO, 12+ years in eComm/tech in UAE & Bangladesh ( https://www.linkedin.com/in/shifat/ )

Saif – Early Employee, manages the Vendor/Seller team. ( https://www.linkedin.com/in/saif-chowdhury/ )

We also have great mentors such as Startup Istanbul ( https://startupistanbul.com/ ) as well as GB Capital ( https://www.gb-cap.com/ ) as early backers.

Finance

B2B – Strong Focus on B2B with 32% of Revenue having originated through B2B channel.
B2C – Consumers/users get access to Own Labels, Marketplace Items with plans to roll out Re-Commerce & Fintech in Q4 2023.
B2R – Retail customers such as Restaurants, Cafes, Display Stores, Groceries will require roll-out of a B2R team by Oct 2022.

Business model

What does go-to-market look like?
- Acquire Sellers/Manufacturers/Vendors – 220 by 2022, 500 by 2023, 4000 by 2024 and 10,000 by 2026.
- Acquire Users Digitally (70% ) and Convert WIC Walk-Ins 30%.
- Push Actively Product Lines > 40% Margin such as Sofas, Beds and Wooden Items.
- Grow Actively Product Lines 20%-35% such as Home Décor Items, Lights, Shades, Mattresses, Desktop Chairs etc.
- B2B/B2R to acquire 150 Accounts by 2022.

Money will be spent on

Tech 40%
Acqusition 30%
Ops 30%

Offer for investor

We are raising 400k for our SEED Round.

Since we are incorporated in Singapore and maintain Bangladesh operations as a branch office, we are able to offer our Seed investors the option of Convertible or SAFE.

Team or Management

Risks

20% of the market is dominated by wealthy furniture producers.

It's a business that's made for the long run where Net/Ebitda gradually improves as the project cycle rolls.

Incubation/Acceleration programs accomplishment

None

Won the competition and other awards

None for now

Invention/Patent

Logo

Photos

Photo 1 - furniture/home décor marketplace
Photo 2 - furniture/home décor marketplace
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation