The fresh funds will be used to develop its technology
The startup is looking to expand its operations to new cities
It uses VR to design offices, restaurants, educational and financial institutions, and hotels
Mumbai-based interior design startup Flipspaces has raised $3.5 Mn (INR 20.9 Cr) from private equity fund Carpediem Capital. According to the startup which uses virtual reality technology, this fund will be used to expand its operations in new cities.
The startup, founded in 2015 by Kunal Sharma and Ankur Muchhal, offers a technology enabled approach to design visualisation and efficient project management process. Its features allow customers to experience potential design projects interactively and enables them to make design changes in real time.
Commenting on the investment, Hithendra Ramachandran, managing director, Carpediem Capital said, “Currently, less than 20% of the market is serviced by organised entities and about 80% of the market is serviced by local unorganised contractors. This gap allows an opportunity to create a model of scale, backed by technology enabled design and execution.”
Flipspaces said that currently it is operational in Bengaluru and Mumbai and it plans to expand its services in nearly six to eight commercial hotspots in India.
The company has claimed to have executed projects for over 1.5 Mn sq ft of commercial spaces. Some of its portfolio companies include Bosch, Radiomirchi, Quantiphi, Indiqube, Regus, Nobroker, Coverfox, Razorpay, Playsimplegames, Moveinsync, Thoucentric and Busago among others.
Their product Vizwalk is a virtual reality-based application which generates a simulated walk through experience for its users in a virtual environment. This allows the users to make real-time changes to changes and fixtures in their design. Earlier, reports had stated that the startup which was bootstrapped prior to this round had generated $1Mn (INR 6.9 Cr) revenue within three months.
According to a Technavio report, the online home décor market in India is expected to grow at a CAGR of 50.42% in revenue over the period 2014-2019.
Last month, Bengaluru-based online interior design platform Design Cafe had raised $28.5 Mn (INR 200 Cr) equity-financing round led by private equity firm WestBridge Capital in participation with existing investor Fireside Ventures.
Earlier in July 2018, virtual reality startup SmartVizX had raised $1.4 Mn (INR 10 Cr) in a pre-Series A funding round led by Indian Angel Network’s eponymous fund and angel fund YourNest Venture Capital. In the same month, VR focused home decor solutions startup Foyr raised an extended Series A round of $4.2 Mn (INR 29.2 Cr) from SRI capital and its existing investors.
In September 2018, real estate listing platform Housing.com had also launched its VR product, ‘RealtyVision 2.0’ which offers 3D walkthrough experience to the users. Some other startups in this space are Purple Turtles, Renomania, Houseome, Marks Dzyn, Arrivae.