Indian Valet Self-Storage Operator BoxMySpace Raises $230K From Investors

DTC Technologies Pvt. Ltd., a Mumbai, India-based company that operates the BoxMySpace (BmS) valet self-storage brand, has raised $230,000 from a group of investors including 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.

The funding will be used to expand the company’s operations in Delhi and to move into new regions including Bangalore and Pune, India. The company also plans to launch additional storage solutions, the source reported.

“Shrinking living spaces [and] dynamic work patterns have resulted in people adopting a transient way of life, necessitating the need for storage solutions,” Oomerbhoy said. “Certain problems [that] plague consumers but do not consciously warrant attention unless a solution is brought forward to them, and BmS is one of them. Once consumers realize storage is no longer a hassle or expensive, BmS will become their preferred choice. 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.”

Established in 2014 by Pratyush Jalan, BoxMySpace leverages unused space in warehouses. The company raised $300K from angel investors in 2015. It now has sites in Delhi, Kolkata and Mumbai, India. Its warehousing solutions include inventory management, goods receivable, order dispatches, distribution and door delivery.

Source: Business World, Storage Solution Provider BoxMySpace Raises Rs 1.92 Cr