Interior design and home décor startup Material Depot has secured $10 million in fresh funding in a round co-led by Accel and Stellaris Venture Partners, marking a major milestone in its growth journey.
In addition, the funding round attracted participation from Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC, along with several prominent angel investors. These include Livspace founder Ramakant Sharma, Curefoods founder Ankit Nagori, BharatPe cofounder Shashvat Nakrani, Spinny founder Niraj Singh, and Tracxn founder Abhishek Goyal, among others.
Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot operates a consumer-facing platform that offers a wide range of decorative interior materials. These include tiles, laminates, wallpapers, wall panels, quartz, and wooden flooring, catering to both modern and functional home design needs.
Moreover, the company follows a distinct omnichannel model that blends digital discovery with physical retail. Customers can explore products online and then visit experience centres to touch, feel, and compare materials before making purchase decisions.
Unlike larger incumbents such as Livspace or HomeLane, which provide end-to-end design and execution services, Material Depot maintains a sharp focus on materials alone, covering curation, pricing, and supply without entering design-build workflows.
“About 60-70% of our customers are end consumers, people buying materials for their own homes, while about 30-40% are professionals such as architects, interior designers, and contractors,” Reddy said.
Furthermore, the company is tapping into a structural shift in consumer behaviour driven by digital inspiration platforms. “Post-Covid there has been a new wave of awareness with Pinterest, YouTube, and Instagram, where people are much more aware of the trends in interior materials. They want to have much more say in choosing the final finishes. That is the new trend that we are looking at,” he added.
Going forward, Material Depot plans to deploy the fresh capital to strengthen its technology backbone, particularly across supply chain management, inventory planning, and assisted in-store selling tools. At the same time, the company will expand its product portfolio and curated collections.
Additionally, the startup will channel a portion of the funds into scaling its offline footprint by opening new experience centres across key urban markets.
“Today, customers are totally dependent on designers. Even when they discover ideas online, they don’t know whether those materials are actually available because the market is highly fragmented,” said Rahul Chowdhri, partner at Stellaris Venture Partners. “That is the opportunity Material Depot is addressing. In our estimate, this is a roughly $14 billion market.”
Currently, Material Depot operates three experience centres in Bengaluru. However, over the next 12 to 18 months, the company aims to expand to more than 30 experience centres across multiple cities. Simultaneously, it plans to grow its customer base to over 50,000, up from approximately 15,000 customers today.
“Home materials in India remain a low-trust, supplier-led market, even as homeowners have evolved into informed, design-driven decision makers. Material Depot is flipping this model by anchoring the category in design intelligence, supply chain control, and a trusted physical experience,” said Pratik Agarwal, partner at Accel.
Material Depot is positioning itself as a category-defining player in India’s fragmented interior materials market. By combining design-led discovery, supply chain transparency, and experiential retail, the company is addressing a massive market opportunity while aligning with the evolving expectations of modern homeowners. With strong investor backing and an aggressive expansion strategy, Material Depot appears well placed to reshape how Indians discover and buy interior materials.
