SUMMARY
The funding round, which was a mix of equity and debt, was led by Prashasta Seth and also saw participation prominent family groups and funds
Flipspaces said it will use the fresh funds to expand its operations on the West Coast of the US
Flipspaces, which is currently operational in the US and India, designs interiors and builds projects for commercial spaces
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Mumbai-based interior design startup Flipspaces has raised $4 Mn in its Pre-Series B funding round led by Prashasta Seth, former CEO of IIFL AMC. The funding round, which was a mix of equity and debt, also saw participation from other prominent family groups and funds.
Flipspaces, which is backed by Carpediem Capital, said it will utilise the fresh capital to expand its operations on the West Coast of the US and strengthen its tech.
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 Inc42.
Prior to this, the startup raised a debt round of $1.15 Mn from UC Inclusive Credit and Alex Group. It also raised $3.5 Mn in its Series A funding round from Carpediem Capital.
Founded in July 2015 by IIT Bombay alum Sharma, Vikash Anand, and Ankur Munchal, Flipspaces designs interiors and builds projects for commercial spaces. The startup is currently operational in the US and India.
The startup has two offerings – Vizworld and Vizstore. Vizworld is a tech-enabled brand which offers a full stack solution for designing and building commercial spaces, while Vizstore offers a variety of furniture and furnishing products across categories.
The startup counts Reebok, Oppo, Zeta, Indiqube, among others, as its clients.
Flipspaces competes against the likes of Livspace, HomeLane, and Bonito Designs. Earlier this year, Design Cafe raised INR 40 Cr in a round led by WestBridge Capital, Mirabilis Investment Trust and Alteria Capital.
According to a Technavio report, India’s online home decor segment is estimated to expand at a CAGR of 10.2% during 2021-26 to reach a size of $3.75 Bn by 2026.
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