Interior design and home decor startup Material Depot has raised $10 million in a funding round co-led by Accel and Stellaris Venture Partners, marking a significant milestone in the company’s growth journey. The fresh capital is expected to support the startup’s plans to deepen its technology capabilities, expand its physical footprint, and strengthen its product offerings across India.
Strong Investor Lineup Backs the Vision
Alongside Accel and Stellaris Venture Partners, the funding round saw participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC. The round also attracted a group of prominent angel investors from India’s startup ecosystem, including Livspace founder Ramakant Sharma, Ankit Nagori, Shashvat Nakrani, Spinny founder Niraj Singh, Abhishek Goyal, and others.
Material Depot had earlier raised more than $4 million from Y Combinator and other investors, providing it with early backing to build its digital-first platform and establish its initial market presence.
Capital Allocation Focused on Technology and Scale
According to the company, the newly raised funds will be used to strengthen its technology stack across key operational areas. This includes supply chain management, inventory planning, and assisted in-store selling tools that help customers and designers make informed decisions.
In addition to technology upgrades, Material Depot plans to expand its product portfolio and curated collections. A significant portion of the capital will also go toward scaling its offline presence across multiple cities, reflecting the company’s focus on blending digital discovery with physical retail experiences.
Building a One-Stop Platform for Design Materials
Founded in 2021 by Sarthak Agrawal and Manish Reddy, Material Depot operates as a B2B and B2C platform catering to construction, interior design, and home decor needs. The Bengaluru-based startup positions itself as a digital-first, one-stop shop for materials such as tiles, laminates, plywood, wall panels, and quartz.
The platform offers curated collections aimed at simplifying the selection process for both professional designers and homeowners. It also provides 3D visualisation tools, allowing users to better understand how materials will look in real spaces. A key part of its value proposition is direct-from-manufacturer sourcing, which helps streamline procurement and improve efficiency.
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Omnichannel Model Anchored by Experience Centres
Material Depot follows an omnichannel approach that combines online product discovery with offline evaluation. Customers can browse materials on the platform and then visit physical experience centres to touch, feel, and compare products before finalising purchase decisions.
This model is designed to address a common challenge in the home decor and construction materials segment, where visual appeal and physical quality play a critical role in buying decisions. By integrating digital tools with in-person experiences, the company aims to offer a more informed and confident purchasing journey.
Large Catalogue with Private-Label Focus
The company currently features over 300,000 materials across multiple categories, including tiles, laminates, wall panels, and quartz. Material Depot operates as an omnichannel retailer with a strong emphasis on private-label brands, which account for roughly 60 percent of its overall portfolio.
This focus allows the startup to maintain greater control over design, quality, and pricing while offering differentiated products to customers and design professionals.
Aggressive Expansion Plans Ahead
At present, Material Depot operates three experience centres in Bengaluru. Over the next 12 to 18 months, the company plans to expand to more than 30 experience centres across multiple cities. Alongside physical expansion, it aims to significantly grow its customer base to over 50,000, up from around 15,000 currently.
With fresh funding in place and a clear expansion roadmap, Material Depot is positioning itself to scale its omnichannel model and strengthen its role in India’s evolving interior design and home decor market.
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