Material Depot, a Bengaluru-based interior design and home décor startup, has raised USD 10 million in a Series A funding round to support its next phase of growth. The round is co-led by Accel and Stellaris Venture Partners, indicating continued investor interest in organised platforms serving the construction and interiors space.
The funding round also includes participation from Whiteboard Capital, DeVC, Soma Capital and MyAsiaVC, along with several angel investors from India’s startup and consumer internet ecosystem. The company had earlier raised over USD 4 million from Y Combinator and other backers during its early stages.
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot positions itself as a digital-first, one-stop platform for construction, interior design and home décor materials. The startup caters to both businesses and individual consumers, addressing demand from homeowners, contractors and interior designers.
The platform offers a wide range of products including tiles, laminates, plywood, wall panels, wallpapers, quartz surfaces and wooden flooring. By bringing multiple categories under one platform, the company aims to simplify sourcing in a market that is traditionally fragmented and dependent on offline vendors.
Business Model Focus
Material Depot follows an omnichannel model that combines online discovery with offline evaluation. Customers can browse products digitally and then visit physical Experience Centres to examine materials before finalising purchase decisions. This approach is designed to reduce uncertainty in high-value interior purchases.
The company has built features such as curated collections, 3D visualisation tools and assisted selling to help customers make informed choices. It also sources products directly from manufacturers, which is intended to improve pricing transparency and product availability.
According to the company, more than 300,000 materials are currently listed on the platform. Private-label brands account for around 60% of its portfolio, reflecting a focus on improving margins and controlling quality across key categories.
Since its launch, Material Depot has served over 15,000 customers. It currently operates three Experience Centres in Bengaluru, which act as physical touchpoints for customers looking to view and compare materials before purchase.
Expansion Plans Ahead
The fresh capital is expected to be used to strengthen the company’s technology infrastructure. Key focus areas include supply chain management, inventory planning and tools to support in-store assisted selling across offline locations.
Material Depot also plans to expand its curated product offerings and scale its offline footprint across multiple Indian cities. Over the next 12 to 18 months, the company aims to open more than 30 Experience Centres nationwide.
In parallel, the startup is targeting an increase in its customer base to over 50,000 as it enters new markets and deepens engagement with existing users. Expansion beyond Bengaluru is expected to play a key role in driving this growth.
The funding comes at a time when demand for organised, tech-enabled solutions in the home interiors and renovation market is rising. As urban consumers seek greater choice, transparency and convenience, platforms like Material Depot are attempting to bring structure to a largely unorganised sector in India.
