The Mumbai based physical storage service provider BoxMySpace, has today announced it has raised INR 192 Millions from a consortium of investors led by Farooq Oomerbhoy, who was one of the co-founders of the early stage fund Orios Venture Partners. Ritesh Veera and Singapore Angel Networks also participated in the funding round.
The funding will be used primarily towards expanding operations in other metro including Pune, Bangalore & Delhi and undertaking key marketing efforts. The venture also plans to launch other innovative storage solutions in the future and partner with online retailers and SMEs to streamline their need for an efficient storage solution for their goods.
BoxMySpace was founded by Pratyush Jalan with an aim to bring the same convenience of cloud storage to the physical goods of a consumer’s home. The consumer can effortlessly avail on-demand storage service for their household goods at their doorstep either through the web or mobile application across Android and iOS platforms for a low monthly fee starting Rs.99/-.
BoxMySpace delivers high quality storage boxes to customer’s homes/offices where the customers only have to pack their belongings and after that BoxMySpace stores them safely. It also provides the consumer with their storage dashboard to create a visual catalog of all their stored items and a unique code to each item/box to enable recall within 12 to 24 hours.
While the US on-demand storage industry is more than of $24 Billion, in India it’s still growing from scratch. Similar entrants in the US, MakeSpace & BoxBee have raised US$10M & US$7M respectively and BoxFul in HongKong has recently closed a US$8M round.
Commenting on the investment, Pratyush Jalan, CEO and co-founder, BoxMySpace, “BoxMySpace is an innovative proposition launched with an aim to address the space crunch issues in metro by offering simple on-demand storage solutions which are safe, hassle free and affordable. Given the vast potential and dearth of storage options especially in metros, we were surprised that such service was not currently available. Within a very short span of time, we have received a very encouraging response from our customers giving impetus for growth. Backed by our maiden investment we aim to scale operations, strengthen our backend as well as invest in brand building initiatives. We are elated that the investors have shown confidence in our business model and strategic vision.”
Commenting on the investment, Farooq A Oomerbhoy, said “We are delighted to partner with BoxMySpace which is poised to lead the innovation forray within the storage industry in India. Shrinking living spaces, dynamic work patterns have resulted in people adopting a transient way of life, necessitating the need for storage solutions. Certain problems which plague consumers but do not consciously warrant attention unless a solution is bought forward for them, (for eg Ola/Uber) and BmS is one of them. Once consumers realise storage is no longer a hassle and expensive, BmS will become their preferred choice. We are working closely with BmS to introduce this solution to not only Indian consumer, but given the scalable nature of the business will be looking to expand in other part of Asia very soon.”