Basil, a consumer houseware business, said on Monday that it has secured Rs 3.6 crore in initial investment from IIMA Ventures (previously IIMA-CIIE) and Appreciate Capital.
Angel investors in the round included Mohit Sadaani, Co-Founder of The Moms Co., Aprameya Radhakrishna, Co-Founder of Koo, Abhishek Goyal, Co-Founder of Tracxn, Malini Adapureddy, Founder of Deconstruct, and Brij Bhushan, Co-Founder of Magicpin.
In its first phase of expansion, Basil introduced stainless steel bento boxes and bottles aimed at millennial parents and Generation Alpha. The money collected will be used to strengthen its direct-to-consumer play, increase reach through ecommerce platforms, and broaden its product assortment, the business said.
Basil intends to invest 30 per cent of its capital in R&D to gain a more nuanced understanding of market requirements and product design iterations, allowing them to cut through the clutter and offer desirable items.
According to Datum Intelligence, the Indian consumer houseware industry is expected to exceed Rs 507 billion by 2027. Within the houseware market, lunchboxes, drinkware, storage containers, and insulated items account for 22 per cent of the total market share.
With Indians’ changing lifestyles, high levels of urbanisation, the spread of nuclear families, and technological innovation, India is seeing a significant transition in the houseware business.
Harini Rajagopalan, Co-founder of Basil said, “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, 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.”
Basil, founded in 2023 by Harini Rajagopalan (ex-Amazon, Flipkart group) and Mahesh Muraleedharan (who launched Uber in India as their first employee), is a first-of-its-kind D2C startup aiming to reimagine India’s consumer houseware market, which is currently dominated by a handful of traditional players.
Basil now sells in India through their direct-to-consumer portal and Amazon. It intends to extend its product categories over the next 12 months, including lunch packs for children and a newer line of bento boxes tailored to working professionals.
