Latest News | Home Gardening Startup Ugaoo Raises Rs 15 Cr

Mumbai, Nov 24 (PTI) Home gardening and houseplant startup Ugaoo on Wednesday said it has raised a funding of Rs 15 crore from DSG Consumer Partners and RPG Ventures.

The Pune-based company has been witnessing a growth of 120 per cent annually consistently by offering services like live indoor plants, planters, kitchen garden seeds and plant care products on e-commerce majors, as per a statement.

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The company was founded by Siddhant Bhalinge, who hails from a family engaged in the business of seeds and agriculture.

He said the home gardening industry is estimated to grow to USD 4 billion by 2025 by growing at 50 per cent per annum.

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"We plan to utilize the funds to expand our regional presence with hubs and garden centres in Bengaluru, Delhi and Kolkata, and collaborate with international plant companies," Bhalinge said.

The company already has two experience stores, and plans to produce at least 5 lakh plants a month by end of next year, he added.

"Plant parenting is on the rise across age groups and the category has massive growth potential," DSG's head of India, Hariharan Premkumar said.

The industry is largely unorganised and Ugaoo has potential to be a category-defining brand, he added.

RPG's head Kunjan Chikhlikar said verticalisation of cities, a large market in commercial and home decor and gifting prompted it to invest in the company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)