Material Depot, a Bengaluru-based home interiors materials platform, has raised $10 million in a Series A funding round co-led by Accel and Stellaris Venture Partners, signalling growing investor interest in India’s fragmented home interiors market.
The round also saw participation from Whiteboard Capital, DeVC, Soma Capital and MyAsiaVC, along with a strong lineup of angel investors that includes Ramakant Sharma of Livspace, Ankit Nagori of Curefoods, Shashvat Nakrani of BharatPe, Abhiroop Jayanthi of Carlyle India, Niraj Singh of Spinny, Saurabh Jain of Livspace India, Abhishek Goyal of Tracxn and Vineet Khanna of Supertails.
The fresh capital will be used to strengthen Material Depot’s technology stack across supply chain management, inventory planning and in-store assisted selling. The company also plans to expand its curated product portfolio and scale its offline footprint across major Indian cities.
Reimagining how Indians choose home materials
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot is addressing a long-standing pain point in India’s home renovation journey. While demand for well-designed homes has surged, buying interior materials remains a high-stress, low-transparency process for most homeowners.
Material Depot positions itself as a curated, trust-led platform that helps urban, design-conscious consumers turn inspiration into reality. By combining design intelligence with a responsive, low minimum-order-quantity supply chain, the company brings globally inspired materials to Indian homes within weeks, rather than months or years.
Its Experience Centres are central to this model. These physical spaces allow customers to see, compare and choose materials with the help of assisted decision-making tools, offering clear pricing and predictable delivery timelines in a category often marked by uncertainty.
Focus on technology and offline scale
With the new funding, Material Depot plans to deepen its investment in technology that supports the full customer journey. This includes tools for better inventory forecasting, tighter supply chain control and in-store systems that help customers visualise outcomes before making decisions.
The company will also broaden its curated portfolio through exclusive collections tailored to Indian homes, while expanding its offline presence. Currently, Material Depot operates three Experience Centres in Bengaluru. Over the next 12 to 18 months, it plans to open more than 30 Experience Centres across multiple cities and serve over 50,000 customers.
Since its inception, the platform has already helped over 15,000 customers discover and procure designer materials for their homes, underscoring demand for a more organised and transparent buying experience.
Founders on fixing a broken category
“Building or renovating a home in India is still a high-stress, low-trust experience,” said Manish Reddy, co-founder of Material Depot. He noted that homeowners often make expensive, irreversible decisions with limited clarity on pricing, quality or final outcomes.
Reddy said the company’s design-first approach and agile supply chain aim to bring confidence and transparency into the process, allowing consumers to focus on creating homes they genuinely enjoy rather than navigating fragmented supplier networks.
Why investors are betting on Material Depot
Investors see Material Depot as a platform tackling a large and under-innovated market. India’s home interiors and materials segment is estimated to be worth around $14 billion, yet remains largely unorganised and supplier-driven.
“Material Depot is building a one-stop destination in a fragmented and innovation-starved category,” said Rahul Chowdhri, Partner at Stellaris Venture Partners. He added that the company’s omni-channel approach, spanning online discovery and offline fulfilment, aligns well with the way today’s homeowners research and make purchase decisions.
Pratik Agarwal, Partner at Accel, said the firm backs founders who rebuild broken categories rather than optimise around existing inefficiencies. According to him, Material Depot is flipping the traditional supplier-led model by anchoring the category in design intelligence, supply chain control and trusted physical experiences.
Part of Accel’s early-stage platform
Material Depot is part of Accel Atoms, Accel’s pre-seed and seed platform that supports early-stage founders building companies for the next decade. With fresh capital, expanding investor backing and ambitious offline growth plans, the startup is positioning itself to formalise and modernise how Indians choose materials for their homes.
