Material Depot raises $10mn co-led by Accel and Stellaris Venture Partners

Material Depot, a curated home interiors materials platform for modern Indian homes, has raised $10 million in a Series A round co-led by Accel and Stellaris Venture Partners, with participation from Whiteboard Capital, DeVC, Soma Capital, MyAsiaVC, along with a group of angel investors including Ramakant Sharma (Founder & CEO, Livspace), Ankit Nagori (Founder & CEO, Curefoods), Shashvat Nakrani (Founder, Bharatpe), Abhiroop Jayanthi (MD & Partner, Carlyle India), Niraj Singh (Founder & CEO, Spinny), Saurabh Jain (CEO, Livspace India), Abhishek Goyal (Founder & CEO, Tracxn), and Vineet Khanna (Co-Founder, Supertails).

The fresh capital will be deployed to strengthen Material Depot’s technology backbone across supply chain, inventory planning, and in-store assisted selling, expand its curated product portfolio and exclusive collections, and scale its offline presence across cities.

Founded in 2022 by Manish Reddy and Sarthak Agrawal, Material Depot is building a curated, trust-led platform that helps urban, design-conscious homeowners turn inspiration into reality. By combining strong design intelligence with a highly responsive supply chain, the company brings globally inspired collections to Indian homes in weeks rather than years. Its Experience Centres offer transparent pricing, reliable delivery timelines, and assisted decision-making, enabling customers to visualize, compare, and confidently choose materials in one place.

“Building and renovating a home in India is still a high-stress, low-trust experience,” said Manish Reddy, Co-founder of Material Depot. “As consumers aspire for better homes and designs, they feel extremely limited by the choices offered in the market, and make expensive, irreversible decisions with little clarity on pricing or outcomes. With our design-first approach and agile, low-MoQ supply chain, we’re bringing confidence to decision-making, transparency to pricing, and reliability to delivery, so homeowners can focus on creating homes they truly love.”

Since inception, the company has helped more than 15,000 customers discover and procure designer materials for their homes and currently operates three Experience Centres in Bengaluru. Over the next 12-18 months, it plans to expand to more than 30 Experience Centres across multiple cities and serve over 50,000 customers.

Rahul Chowdhri, Partner, Stellaris Venture Partners, said, “Material Depot is building a one-stop destination in a fragmented and innovation-starved $14 billion home interiors category. As today’s homeowners become increasingly aspirational and more involved in designing their homes, Material Depot’s omni-channel approach captures the customer journey from online discovery to seamless offline fulfilment. We’re excited to partner with the team on their scale-up journey and believe they are uniquely positioned to build a category-defining company.”

Pratik Agarwal, Partner at Accel said, “At Accel, we back founders who rebuild broken categories rather than optimise around them. 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. We believe this is how large, fragmented markets get formalised and how enduring consumer platforms are built. We’re excited to partner with Manish and Sarthak as they set a new default for how Indians build their homes.”

Material Depot is a part of Accel Atoms which is Accel’s pre-seed and seed platform for early founders building for the next decade.