CarpeDiem-backed Flipspaces acquires interior design platform Renomania
- ByStartupStory | May 6, 2022
Renomania, founded by Navneet Malhotra and Ritu Malhotra, is a web-based platform that allows users to interact with interior designers, architects, and also contractors. The platform was acquired by Flipspaces, which was backed by CarpeDiem, a private equity fund. All of Renomania’s assets, database, and technological intellectual properties have been acquired by Flipspaces.
A consortium which was led by the IIFL AMC’s former CEO Prashatra Seth said in his statement that the acquisition would help in boosting the company’s growth as well as its technology potential. The acquisition would also help Renomania in expanding its design and delivery of technology. Malhotra said in his statement about the acquisition, “highly influenced by their (Flipspaces) vision for technology”, which is in line with their aim of transformation of the design.
Flipspaces, founded in 2015 by Kunal Sharma, Ankur Mucchal, Ritesh Ranjan, Vikash Anand, Mrinal Sharma, and Prafful Sahu believe in their objective to drive transformation in all areas of design and build a domain with the founding team. Flipspaces has offices across the cities of New York, Mumbai, Boston, Bangalore, and Ahmedabad.
Flipspaces CEO and Founder summarize the importance of the acquisition in the words, “ technology from Renomania gives a push to further evolve Flipspaces design tech stack”, and then talk about the future plans of Flipspaces with its acquisition of Renomania.
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