furnichaar.com

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

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.

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.

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.

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.

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.

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.

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.

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.

Tech 40%
Acqusition 30%
Ops 30%

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.

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.

None

None for now

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