Basil, a D2C brand that sells eco-friendly and stylish houseware products, has raised Rs 3.6 crore in a seed funding round. The round was co-led by IIMA Ventures and Appreciate Capital, and also saw participation from several angel investors, including Koo co-founder Aprameya Radhakrishna, Magicpin co-founder Brij Bhushan, and founders of Epigamia, Beardo, and The Face Shop.
Basil was launched in 2023 by Harini Rajagopalan and Mahesh Muraleedharan, who are alumni of IIM Ahmedabad and IIT Delhi respectively. The startup offers a range of products for the home, such as water bottles, bento boxes, coconut bowls, bamboo toothbrushes, and jute rugs. Basil claims to have over 10,000 customers across India, and has sold more than 50,000 products in its first year of operations.
The startup will use the fresh funds to expand its product portfolio, scale up its operations, and strengthen its online presence. Basil also plans to launch its own e-commerce platform and explore offline retail channels in the near future.
Harini Rajagopalan, co-founder and CEO of Basil, Said
Harini Rajagopalan, co-founder and CEO of Basil, said, “We are grateful to our investors, who share our vision of creating a positive impact on the environment and society through our products. We believe that there is a huge gap in the market for brands that can offer value, quality, and sustainability to the discerning Indian consumer. We are on a mission to make Basil a household name in the country and beyond.”
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Mahesh Muraleedharan, co-founder and COO of Basil, added, “We are passionate about designing and sourcing products that are not only aesthetically pleasing, but also eco-friendly and durable. We work closely with our suppliers and partners to ensure that our products meet the highest standards of quality and ethics. We also educate our customers about the benefits of choosing sustainable alternatives for their daily needs.”
Ashwin Joshi, partner at IIMA Ventures, said, “We are impressed by the founding team’s vision and execution capabilities. Basil has built a loyal customer base and a strong brand identity in a short span of time. We are excited to partner with them and help them scale their business and impact.”
Siddharth Jain, partner at Appreciate Capital, said, “We are delighted to back Basil, which is one of the leading players in the emerging D2C houseware segment. Basil has a unique value proposition of offering products that are both functional and fashionable, while being environmentally friendly. We believe that Basil has the potential to become a market leader in this space and create a lasting impression on the consumers.”
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According to a report by Datum Intelligence, the Indian consumer houseware market is expected to grow from Rs 307 billion in 2020 to Rs 507 billion by 2027, driven by factors such as digital adoption, rising disposable income, and changing consumer preferences.
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