Prashasta Seth, the former CEO of IIFL AMC, led the $4 million Pre-Series B fundraising round for Mumbai-based interior design business Flipspaces.
Other well-known family groups and funds also took part in the investment round, which was a mix of equity and debt.
The Carpediem Capital-backed Flipspaces said it will use the new funding to develop its technology and expand operations on the US West Coast.
Commenting on the development, Kunal Sharma, founder and CEO of Flipspaces, said, “We’ve seen rapid growth in the US market combined with robust India numbers. Leveraging this momentum, our impetus is to enhance our focus on tech to enable processes at scale and double down on building on our supply chain capability to serve a global demand.”
The funding round comes almost two years after the startup raised $2 Mn from Seth and other HNIs. “We have been a profitable business because of strong unit economics and thus, have a long runway with this funding,” Sharma then told.
A debt round of $1.15 million was previously raised by the business from UC Inclusive Credit and Alex Group. Carpediem Capital contributed $3.5 million to the Series A fundraising round as well.
The company Flipspaces was established in July 2015 by Sharma, Vikash Anand, and Ankur Munchal, all graduates of IIT Bombay. Currently, the startup is operating in the US and India as per reported by inc42.com
The two products offered by the startup are Vizworld and Vizstore. In contrast to Vizstore, which sells a variety of furniture and decorating products across categories, Vizworld is a tech-enabled brand that provides a full-stack solution for planning and developing commercial spaces. Reebok, Oppo, Zeta, and Indiqube are just a few of the startup’s clients.
Flipspaces is a design and contracting company based on virtual reality technology that seeks to revolutionize how consumers plan and carry out the interiors of their spaces. A ground-breaking technological product that gamifies the interior design experience for the consumer and gives them power over the process is the foundation of the business. They serve as an end-to-end design-to-execution partner for businesses looking to build their offices, builders looking to differentiate their residential or commercial projects, or players in the managed working space market when combined with our contracting arm, which consists of their own product manufacturing capabilities and curated vendors network.