Home utility products startup Bonita India has closed its first round of funding from El Capital, an offshore boutique debt structuring firm, and a clutch of individual investors.

“The money raised in this round will be spent on brand-building exercises, investment in new product development and launches, creating product awareness, driving consumption at a pan-India level, and further growing the distribution network,” said Umang Srivastava, joint Managing Director at Bonita.

The firm did not disclose the amount raised.

Bonita products are available under its own brand in more than 20 countries including the USA, UK, Germany, Italy, Spain, France, Czech Republic, Poland, Belgium, the Netherlands, Switzerland, Mexico, Australia, New Zealand and the UAE with warehouses in the US, Europe, and UAE.

In India, Bonita products are available in more than 1,000 stores in over 45 cities through retail chains such as Shoppers Stop, Home Stop, Hypercity, Home Town, and Lulu. It is also available on ecommerce platforms such as Amazon, Snapdeal, Pepperfry, and Indiatimes.

“We foresee Bonita as a long-term player in this sector, which should play a big role in making this sector organised,” said Prashant Priyadarshi, founder of IndianStartupFactory, an advisory firm that has been working closely with Bonita through its online platform startXindia.com.

Bonita is looking to increase its footprint to 50 countries and earn over 50 patents in the next three years through an expansive product line that would include innovative and space savvy home utility.

Source: The Economic Times