Ugaoo, an Indian houseplants and urban gardening company, has raised INR 47 crore in its Series A funding round.
Ugaoo to use funds for positioning
The investment, led by V3 Ventures, also saw continued support from existing investors DSG Consumer Partners and RPG Ventures. The funds will be used to further bolster the company’s position in the fast-growing home and garden industry.
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Reportedly, Ugaoo aims to scale its operations and increase plant production to 5 lakh units per month. The company has over 1,500 SKUs across categories such as live plants, vegetable and flower seeds, soils and fertilizers, pots and planters, gardening tools, and sustainable gifting options.
“Reinforcing our belief that plants grow people, Ugaoo is on a mission to inspire a world where every plant journey is a personal revolution of inner change and growth. We are very excited to partner with V3 Ventures and deepen our relationship with our existing investors DSG and RPG,” shared, Sidhanth Bhalinge, Founder of Ugaoo.
Ugaoo operates in a largely unorganized market – V3
Meanwhile, Arjun Vaidya, Partner, V3 Ventures stated, “I first met Siddhant in 2021 and knew the business had something special going for it. Ugaoo operates in a largely unorganized market and is equipped to seize substantial market share thanks to its strong brand recall, deeply integrated supply chain, and seasoned team.”
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Further, Hariharan Premkumar, MD, DSG Consumer Partners added, “Mission-driven founders produce extraordinary outcomes. Siddhant has embodied Ugaoo’s mission from a very early age given his family’s multi-generational background in seed production.”
Notably, the Indian home and garden market, currently valued at $11 billion, is projected to grow at a compound annual growth rate (CAGR) of 30 percent and is expected to reach $18 billion by 2028.
