The growth story of D2C home décor brand Nestroots whose founder Chhavi Singh managed to impress Shark Tank India 2 judge Namita Thapar
When home décor company founder Nestroots Chhavi Singh showcased her business idea to the panel on Shark Tank India 2 last year, she asked for Rs 50 lakh investment for 1% stake. Reality show judge and entrepreneur Namita Thapar made a counteroffer: Rs 50 lakh for 2% equity. The deal was sealed, marking a milestone for the company in its journey towards success.
“I recognised the tremendous value that Namita brought to the table and accepted her proposal,” Singh said adding that it opened up new avenues for her company, enabling it to expand operations and connect with a broader audience.
The journey
Singh founded Nestroots in 2016 with Shekhar Godiyal, offering designs for home decor, dining, furniture and furnishings. Initially, she began selling a modest range of decoratives and furnishings on Amazon as a market test. Encouraged by the response, the catalogue was expanded.
Establishing the business from the vendor’s perspective posed challenges. Maintaining strong connections with third-party entities required careful planning and execution.
“In 2018, the introduction of our furniture range proved to be a pivotal moment. Since then, Nestroots has consistently achieved an average of 2X year-over-year growth,” Singh said.
Today, the D2C brand has over 380 stock-keeping units and an online presence on 25 platforms, including its website, Amazon, Pepperfry, and Myntra.
The current revenue of the company is Rs 1.1 crore a month. The major sales contribution comes from the furniture category, which accounted for 55% of the company’s total sales. About 42% of the company’s revenue comes from the website and 58% from marketplaces. Its year-on-year growth is 25%.
In November last year, the company revamped its brand identity by launching a new logo to improve its positioning and consumer appeal.
Future focus
Recently, the company raised Rs 3 crore led by BeyondSeed Singapore.
“Nestroots has demonstrated strong execution in operational efficiency and market expansion. This, coupled with their unique and utility-driven designs, curated inhouse, reinforces their competitive edge in a crowded market,” Kuldeep Mirani, Co-Founder & CEO, Beyond Seed Venture Solutions, Singapore.
“The strength of the founding team further instils confidence in the company’s potential for sustained growth and value creation,” Mirani added.
The funds will be used to expand its product portfolio and reach. Nestroots will introduce kids’ furniture, wall and tabletop decor and Furnishings, and larger furniture.
“This aligns with our consistent double-digit growth,” shared Singh.
In 2024, Nestroots has set its sights on growing both in India and key international markets such as the US, Canada, and the UAE over the next five years.
“Simultaneously, we plan to fortify our offline presence in India through Shop-in-Shops (SIS) and Multi-Brand Outlets (MBOs), embodying the vision to become the ultimate ‘Home-Everything’ destination,” Singh added.
Mirani of Beyond Seed Ventures said that as investors his company too would be playing a pivotal role that goes beyond financial support. “Not only are we committed to providing continued financial support to fuel the company’s expansion, but we also actively engage with the founders to provide strategic guidance and insights,” the investor said.
“Furthermore, we are dedicated to leveraging our network to facilitate valuable partnerships, collaborations, and connections that can contribute to Nestroots’ success,” he concluded.
