Home utility startup Bonita India has successfully closed its first round of funding from a group of individual investors to help the brand grow to the next level.
Umang Srivastava, Joint Managing Director, Bonita, said, "We have successfully completed the first outside investment at Bonita. The money raised in this round will be spent on brand-building exercises including BTL & ATL activities, investment in new product development, launches, creating product awareness and drive consumption at a pan-India level and further growing the distribution network."
The decision to run the company bootstrapped in its initial years was consciously taken to be able to first establish a strong brand identity, a wide customer base and steady revenues before looking for outside investment. Having achieved this target, Bonita opened its arms for the first stage investment.
However, even for the first round funding, it decided to open up the investment doors to only a select group of investors. Many of individual investors were also from the family and Friends group of the founding team who participated in this round as well.
Focusing heavily on product innovation, Bonita has gained near cult status among consumers in India and in several countries within a few years of starting operations. Bonita brand is available in over 20 countries under its own brand name.
The next step to invite investors was taken on the advice of IndianStartupFactory.com (ISF), an advisory firm that has been working closely with Bonita through its On-Line Platform "startXindia.com".
Kapil Kaul, Founder and Director, IndianStartupFactory.com, said, "Our endeavor at "IndianStartupFactory" is poised to offer a unique platform, that caters to all the needs of an individual investor and participate with the right start-up or SME by making an informed investment decision. We handhold, profitable or nearing profitability, start-ups & SME's, in raising Need Based Capital. Bonita, has been one of the interesting deals to structure that we have done in the recent months."
Prashant Priyadarshi, Founder and Director, IndianStartupFactory, said, "Bonita has a very strong founding team, and has achieved a remarkable growth as a Brand in a fairly short period of time in quite an un-organized sector. We foresee Bonita as a long-term player in this sector, which should play a big role in making this sector organized."
Bonita is now aiming to establish its foothold in 50 countries, and earn over 50 patents over the next 3 years by introducing more innovative and space savvy home utility products.