Stitchwood

  • Mumbai, India
  • Consumer GoodsFurniture, E-commerce

Making a scalable business out of the unorganized customized furniture space via a tech layer and asset-light model. Unit economics positive

Founded:
2014
Stage:
Steady Revenues
Market:
B2C

Startup Video

Featured

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'Custom-made vs ready-made' by Vikas Nair, COO, Stitchwood | Deccan Herald

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Online furniture retailing finally comes home | Forbes India

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Online Furniture Market in India Taking Baby Steps | Indian Express

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Stitchwood raises $ 750k | Inc42

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Powai Lake Ventures Invests in Customized Furniture Portal | Economic Times


Incorporation

Incorporated under MCA

Jul

2014

Technology development

Start of Technology development

Oct

Funding

Raised Money from Ajeet Khurana and he joined us as advisor

Jan

2015

Website Launched

Website was launched under Stitchwood brandname

Mar

First Order booked !

Booked our first furniture order - L shaped custom Sofa !

Apr

Funding

Raised money from Ajeet Khurana, Powai Lake Ventures led by Zishaan + others

May

Revenue Milestone

Clocked Rs 2.5 Crores of annualised Gross GMV

Sep

New Feature !

Launched Interior Designer Partnership Program

Sep

Performance Milestone !

Unit Economics – 24% Gross Margin 12% Contribution Margin

May

2016

Funding

Closed Tranche 1 of Rs 3 Crore round

Jul

Jobs


Team Summary

The 30 member team comprising of techies and interior designers is being led by IIT Bombay and IIM Ahmedabad founders :

Ajit Shegaonkar - CEO, Cofounder

- IIT Bombay 2004 - Mechanical Engg, BTech
- University of Illinois at Urbana-Champaign - Control Systems Masters
- Deutsche Bank - 6yrs: Vice President, Global Markets, Interest Rate derivatives Structuring for Asian and European Markets.

Vikas Nair - COO, Cofounder

- IIT Bombay 2005 , IIM Ahmedabad 2007
- Accenture Business Consulting - 4yrs
- SteadView Capital - CFO - 4yrs. Part of team to study and invest in Urban Ladder, Flipkart, Ola Cabs, Savvn, Policy bazaar
- Extensive due diligence on Furniture ecommerce industry

Swati Gupta - Furniture Design and Quality Head

- Diploma in Interior Designing
- 12 yrs of Interior and Furniture Design Experience
- 40 projects across home, retail, instututional and office spaces

Team


Product/Service Summary

Stitchwood is a hybrid (online+offline interaction) customised furniture venture that empowers the customer to design and order furniture that perfectly fits his/her requirements. Through its online 3D design tool, Stitchwood allows customers to visualize their furniture design to the finest detail and helps them create their 'own' furniture. It operates on an asset-light model with a curated network of MSMEs complementing the tech layer facing the customer.

Stitchwood caters to B2C consumers as well as boutique restaurants and hotels in the B2B space

How are we different?

The furniture space in India is crowded by both offline and online players. However, Stitchwood differentiates itself in the following way :

1. The client requirement is captured by providing them a customisable interface as opposed to asking them to select from a pre-set catalogue as done by most other ready-made furniture companies.

2. A backend network of MSME manufacturers to launch quickly and scale up the supply chain in new cities/zones. Localised manufacturing ensures low transportation cost, less transportation linked damage, negligible inventory cost thus reducing the business overhead cost significantly.

3. Front end tie-up with interior designers ais in reaching out to a larger set of clients inspite of the interactive nature of custom furniture.

Product/Service Descriptions