Bangalore, India-based Consumer Houseware startup Basil raised INR 3.6 crore (USD 4.34 million approx) seed funding. The company announced the fundraise on February 19, 2024. IIMA Ventures (formerly IIMA-CIIE) and Appreciate Capital co-led the financing for the students. Prominent angel investors such as Mohit Sadaani (Co-Founder, The Moms Co.), Aprameya Radhakrishna (Co-Founder, Koo), Abhishek Goyal (Co-Founder, Tracxn), Malini Adapureddy (Founder, Deconstruct) and Brij Bhushan (Co-Founder, Magicpin) also participated in the financing.
Purpose of financing for Basil
In its first phase of scale, Basil launched stainless steel bento boxes and bottles focusing on the sensibilities of millennial parents and Gen Alpha. The funds raised seek to bolster its D2C play. The company also aims to expand its reach via e-commerce channels and expand its product portfolio.
What the company’s official has to add
Harini Rajagopalan, Co-founder of Basil, said, “In an era dominated by contemporary brands, the home and kitchen sector remains surprisingly resistant to innovation, still dominated by entrenched incumbents. As parents ourselves, we realized there is a definite need for innovation and design in this category, validated by our on-ground research of talking to over 900 parents. Products that are currently in the market are a sea of sameness, with minimal overlap across functional design, aesthetics as well as safety. Our mission is to disrupt this overlooked space, infusing it with breakthrough designs based on market needs, premium materials, functional designs and aesthetic appeal. With our launch product range of stainless steel leakproof bentos and water bottles, we aim to emerge as the preferred choice for Indian parents seeking the best for their children and, at the same time, be seen as a fun, cool, engaging & aspirational brand for kids.”
What the investors have to comment
In addition, Vipul Patel (Partner, Seed Investing at IIMA Ventures) said, “Driven by urbanization and premiumization, the Indian home and kitchen market is witnessing a surge in online demand for branded products. As kitchens become central features of homes, Basil, led by Harini and Mahesh, is strategically positioned to innovate and tap into this trend. We are thrilled to co-lead Basil’s seed round, confident their modern approach will resonate with the preferences of the Indian audience.”
Sairee Chahal & Abhishek Agarwal (Partners, Appreciate Capital) further added, “The kitchen and home sector has seen minimal innovation for over a decade. The Indian consumer, actively seeking both functionality and aesthetics, is no longer served by incumbent and traditional brands. This is a massive opportunity. We believe Harini and Mahesh are a great team to build for. We are delighted to partner with them and co-lead the round from Appreciate Capital.”
About the company
Harini Rajagopalan and Mahesh Muraleedharan launched the company in 2023. Aiming to reinvent the consumer houseware sector in India, which is usually dominated by a few conventional businesses, is Basil, a first-of-its-kind direct-to-consumer startup. The company’s product line attempts to differentiate itself from the designs of products that are presently on the market. It provides customers with unique, superior, aesthetically pleasing, and customised products that appeal especially to Gen Alpha and their millennial parents.
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