Home gardening startup Ugaoo on Tuesday announced a Rs 47 crore funding round led by V3 Ventures.

Existing investors DSG Consumer Partners and RPG Ventures also participated in the Series A funding round, a statement said.

The Pune-based company, which made a profit at the operational level in the last financial year, will use the funds for expansion activities, including having a presence in top 10 cities and opening 80 retail stores here exercise 30.

In F24, its revenue more than doubled to Rs 63 crore and the company currently has an annual recurring revenue of Rs 100 crore.

It operates three stores in Pune, Mumbai and Bangalore, and also has an online presence, the statement said, adding that its target audience is women aged 25 to 60 years.

It operates from a 25-acre farm near Talegaon, a suburb of Pune, and plans to expand to 100 acres in the next two years due to high demand.

“The Indian homes and gardens category is expected to grow at a CAGR of 30 per cent, opening significant opportunities for Ugaoo,” said its founder Sidhanth Bhalinge.

The company is planning new hubs in Kolkata, Kochi, Lucknow, Chennai, Guwahati and Ahmedabad, he added.

“Ugaoo operates in a largely unorganized market and is equipped to capture substantial market share with its strong brand memory, deeply integrated supply chain and seasoned team,” said Arjun Vaidya, Partner at V3.