Bangalore-based CapriCoast Home Solutions Pvt. Ltd, an online marketplace for modular furnishing has raised $3.5 Mn in a Series A round of funding led by existing investor Accel Partners India and Singapore-based VC firm RB Investments.
Apart from designs, CapriCoast also connects customers with manufacturers and suppliers of kitchen solutions and wardrobes.
Earlier this year, CapriCoast pioneered the online-to-offline (O2O) marketplace model in the modular furniture industry in India, by partnering with Sleek International (an Asian paints subsidiary) & Spacewood – both leading manufacturers of modular furniture in India. CapriCoast’s O2O model provides customers the widest range of designs and products at the best prices in the industry, with hassle free, transaction and fulfillment process.
“Our online-to-offline (O2O) marketplace model, addresses the problems that customers face today while buying modular furnishing – obfuscated pricing, delayed delivery, limited choice and lack of transparency. CapriCoast is pioneering a data science led, transformative technology that is rapidly changing the way customers experience the buying modular furnishing in India” said Jawad.
The startup is currently working with 50 showrooms across 15 cities in India, and aims to reach over 200+ showrooms across 50+ cities by early 2016.
It will use the raised capital to broaden and accelerate its product development, as well as to expand its sales, marketing and team.
In April this year, the company had raised its seed fund of about $1.25 Mn led by Accel Partners India.
Other startups in furnishing space that have raised funding include – Bangalore-based Furlenco, raised $6 Mn in a Series A funding round led by LightBox VC; and UrbanLadder, which raised $50 Mn in a new round of funding led by Sequoia Capital along with TR Capital. Besides, LivSpace and HomeLane are other players operating in this segment.
Singapore-based RB Investments is also an investor in Spuul & 5aSec among others.
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