Urban gardening company Ugaoo bags Rs 47 Cr in Series A funding
Summary
Urban gardening company Ugaoo has secured Rs 47 crore in its Series A funding round led by V3 Ventures. Additionally, it also plans to expand its production capacity to 100 acres in the next two years to cater to the increasing demand.The Indian home and garden category is projected to grow at a CAGR of 30%, opening up significant opportunities for Ugaoo. We plan to deploy the funds towards product enhancement, expanding our regional fulfilment centres, and team growth. We will expand via new hubs in Kolkata, Kochi, Lucknow, Chennai, Guwahati, and Ahmedabad, said Sidhanth Bhalinge, Founder, Ugaoo.Founded in 2015, Ugaoo saw over 2.5X growth from a revenue of Rs 24 crore in FY23, to Rs 63 crore in FY24.Ugaoo operates in a largely unorganised market and is equipped to seize substantial market share thanks to its strong brand recall, deeply integrated supply chain, and seasoned team," said Arjun Vaidya, Partner, V3 Ventures. We are very excited to make this investment and hope it will create millions of new plant parents and amateur gardeners, just like it did with me, he added.Ugaoo retails pan India through both online and offline presence via its own website and app, and nine stores across three cities, including Pune, Mumbai and Bangalore.