Boxmyspace raises Rs 1.92 crore; Farooq Oomerbhoy leads funding

BENGALURU: Physical storage solutions provider Boxmyspace has raised Rs 1.92 crore in a seed-round of funding from angel investors including Farooq Oomerbhoy, co-founder of early-stage fund Orios Venture Partners, Singapore Angel Networks and Ritesh Veera.

Operating out of Mumbai, the seven-month-old startup will use the funds primarily to extend operations into Hyderabad, Bengaluru and Delhi and to beef up its marketing efforts.

“We have already extended our operations to Pune, Nasik and Nagpur because of the proximity. We are planning to move to Bangalore and NCR as soon as possible,” said Pratyush Jalan, founder, Boxmyspace, which operates on a “service at the doorstep” concept.

Customers who want to store unwanted goods can do so by clicking on the app. The company then delivers custom-built water and pest proof storage boxes. After a week, it collects the filled boxes to store in the warehouse. Larger items such as furniture and cupboards are stored as well. “Literally, anything from a sari to a sofa,” Jalan said.

Boxmyspace, which caters to households, corporate offices and organisations, will go bullish on technology. The company plans to automate all logistics operations and integrate with last-mile logistics networks in the coming fiscal.

“I was always very fascinated with the storage market,” said Oomerbhoy, Managing partner at FAO Ventures, who led the investment. “ When I was constructing my own house, I couldn’t find space to pack and move it to another. So, I found a big hole there always. This concept is going to be great.”

According to a survey by online classifieds player OLX, the total value of used storage goods in urban India is Rs 22,000 crore. “It’s a large and interesting market,” said Oomerbhoy.