Flipspaces Raises $ 2 Million Pre-Series B Round Led By Former CEO Prashasta Seth, IIFL AMC With Participation From Undisclosed Family Groups And High Net Worth Individuals (HNI)
Flipspaces aims to use the funds to expand into the United States and India to grow a business worth $ 10 million, founder told Inc42
The company provides a virtual reality (VR) platform for users to walk around and experience the interiors
Interior design and interior design startups have devised new ways to stay afloat in the pandemic and one of them, Mumbai-based Flipspaces, which provides reality-based interior design Virtual (VR), has now raised a $ 2 million pre-Series B round. by Prashasta Seth, Former CEO, IIFL AMC (India Focused Global Asset Management Company) with input from Undisclosed Family Groups and High Net Worth Individuals (HNI).
The startup claims to be profitable and aims to use the funds to expand its growth in the United States and pursue its new vertical SAAS – VIZSTORE.
“We have been a profitable business due to the strong economy of the unit and therefore have a long track record with this funding,” said Kunal Sharma, co-founder and CEO.
“We are further looking to develop $ 10 million worth of business over the next 6 months in India and the United States,” Sharma told Inc42.
Founded in July 2015 by Sharma, Vikash Anand and Ankur Munchal, alum of IIT Bombay, Flipspaces designs interiors and builds projects for commercial spaces. The company recently launched its B2B SaaS vertical called Vizstore, a gamified platform that helps users navigate virtual reality and visualize furniture and interiors.
Flipspaces customer base includes startups like BharatPe, NoBroker, Openmoney, Indwealth, Gaana, and Addverb, among others. The company last raised $ 1.15 million in debt financing from UC Inclusive Credit and Alex Group and $ 3.5 million in Series A financing from Carpediem Capital.
“On the one hand, thanks to our technological suite for interior design, our US vertical has grown 25-fold over the last 4 quarters and is now profitable in terms of EBITDA. On the other hand, the first third-party SAAS product from the Flipspaces stable for furniture and home furnishings brands, retailers and SMEs received a fantastic first reception. Sharma said, adding that the company is poised to become a market-defining business.
Praful Sahu, chief product officer, said the company will continue to work on technological differentiation to create products that could later become SaaS or PaaS (platform as a service).
The interior design and renovation market in India is valued be between $ 20 billion and $ 30 billion. Livspace, HomeLane, supported by MS Dhoni, Spaceler, Hidecor and Interazzo are other players in the interior design industry, among others.