Home decor and interior designing startups devised novel ways to stay afloat in the pandemic and one of them, Mumbai-based Flipspaces, which provides virtual reality (VR)-based interior design, has now raised a Pre-Series B round of $2 Mn led by Prashasta Seth, ex-CEO, IIFL AMC (India-focused, global asset management firm) with participation from undisclosed family groups and high net worth individuals (HNIs).
The startup claims to be profitable and aims to use the funds to expand its growth in the US and further its newly-launched SAAS vertical – VIZSTORE.
“We have been a profitable business because of strong unit economics and thus, have a long runway with this funding,”said Kunal Sharma, cofounder and CEO.
“We are further looking to empanel business worth $10 Mn in next 6 months in India and the US,” Sharma told Inc42.
Founded in July 2015 by IIT Bombay alum Sharma, Vikash Anand, and Ankur Munchal, Flipspaces designs the interior and builds projects for commercial spaces. The company recently launched its B2B SaaS vertical called Vizstore which is a gamified platform that helps users walk through virtual reality and visualise furniture and interiors.
Flipspaces’ clientele includes startups like BharatPe, NoBroker, Openmoney, Indwealth, Gaana and Addverb among others. The company had last raised a debt finance round of $1.15 Mn from UC Inclusive Credit and Alex Group and $3.5 Mn in Series A funding from Carpediem Capital.
“On one hand, leveraged by our tech-suite for Interior design, our US vertical has grown 25x in the last 4 quarters and is now profitable at the EBITDA level. On the other hand, the first 3rd party SAAS product from the Flipspaces stable meant for furniture and furnishing brands, retailers and SMBs has seen a fantastic initial response.” Sharma said, adding that the company is on the cusp of becoming a market-defining venture.
Praful Sahu, head of products, stated that the company will keep on working on tech differentiation to build products that can later become SaaS or PaaS (platform-as-a-service).
The market for home interiors and renovation in India is estimated to be between $20 Bn-$30 Bn. Some other players in the interior design industry are Livspace, MS Dhoni-backed HomeLane, Spaceler, Hidecor and Interazzo among others.