Houseplants and urban gardening brand Ugaoo has secured Rs 47 crore ($5.6 million) in its Series A funding round, led by V3 Ventures, along with contributions from existing investors DSG Consumer Partners and RPG Ventures.
Earlier, in November 2021, the company raised $2 million in its pre-Series A round.
Ugaoo plans to use the funds to expand its presence in the top 10 Indian cities and open 80 retail stores by FY30. The company also aims to diversify its product range by collaborating with international plant suppliers and offering exotic plants and premium care products in India.
Founded in 2015 by Siddhant Bhalinge, Ugaoo operates a 25-acre farm in Talegaon, near Pune, where it grows all its plants in-house using greenhouses and horticulture experts.
Ugaoo reaches customers across India through its website, app, and nine stores in Pune, Mumbai, and Bengaluru. Its products are also available on platforms like Amazon, Flipkart, and quick commerce services such as Zepto, Swiggy, and Blinkit.
The brand primarily targets women aged 25-60, as well as gardening and home décor enthusiasts in major cities and smaller towns.
Ugaoo says it has completed over 1 million orders in the last three years and has an annual recurring revenue (ARR) of over Rs 100 crore. The company earned Rs 63 crore in revenue for FY24, double the Rs 24 crore from FY23. It also claims to have been profitable throughout the year.
Ugaoo faces competition from brands like Urvann, Kyari, Nurserylive, GreenMyLife, and Grow Garden, among others.