DTC Technologies Pvt. Ltd., a Mumbai, India-based company that operates the BoxMySpace (BmS) valet self-storage brand, recently raised approximately $300,000 from a group of angel investors. The funding round included a consortium led by Farooq Oomerbhoy, co-founder of the early stage fund Orios Venture Partners. Other investors were Ritesh Veera and Singapore Angel Networks, according to a source.
BmS intends to use the money to fund expansion outside of Mumbai to other Indian cities including Bengaluru, Delhi and Pune. It also plans to increase its marketing and widen its portfolio of services, with the intention of targeting online retailers and small to medium enterprises, a source reported.
Modeled largely after valet-style storage operations that have emerged in the United States, BmS launched last year and offers by-the-bin storage targeted at residents who live in dense urban areas and don’t have adequate home storage. The company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored bins and bulky items, and schedule delivery of items to their home or office.
Items are stored in a secure warehouse. Customers can store by the bin or rent a set amount of space, either 64 cubic feet or 216 cubic feet, according to the BmS website. Bins are given a unique code to help locate them for retrieval when customers request home delivery of belongings. Delivery time is 24 to 48 hours, according to the company website.
BmS is confident that rising urbanization in India will increase demand for valet-storage services. “BoxMySpace aims to address the space crunch issues in metros by offering simple on-demand storage solutions which are safe, hassle-free and affordable,” founder Pratyush Jalan told a source. “Given the vast potential and dearth of storage options, especially in metros, we were surprised that such a service was not currently available.”
StoreMore, another India-based valet-storage operator, has offered services in New Delhi since 2014. It also has service in Gurgaon and Noida, India, according to the company website.
“Shrinking living spaces, dynamic work patterns have resulted in people adopting a transient way of life, necessitating the need for storage solutions,” Oomerbhoy told a source. “We are working closely with BmS to introduce this solution to not only Indian consumers, but given the scalable nature of the business will be looking to expand in other parts of Asia very soon.”
- BoxMySpace: Website
- Business Standard: Storage Solutions Provider BoxMySpace Raises Rs 1.92 cr
- Live Mint: BoxMySpace raises Rs1.92 crore from Angel investors