Interior Design Startup Flipspaces Raises $4 Million in Pre-Series B Funding
- ByStartupStory | September 5, 2023
Mumbai-based interior design startup Flipspaces has successfully raised $4 million in a Pre-Series B funding round, with Prashasta Seth, former CEO of IIFL AMC, leading the investment. This funding round, comprising both equity and debt components, also attracted participation from other prominent family groups and funds.
Flipspaces, which enjoys backing from Carpediem Capital, intends to utilize the fresh capital to expand its operations on the West Coast of the United States and enhance its technological capabilities.
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 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 sources.
Before this, Flipspaces secured a debt round of $1.15 million from UC Inclusive Credit and Alex Group. It also raised $3.5 million in its Series A funding round from Carpediem Capital.
Founded in July 2015 by IIT Bombay alumni Kunal Sharma, Vikash Anand, and Ankur Munchal, Flipspaces specializes in interior design and construction projects for commercial spaces. The startup currently operates in both the United States and India.
Flipspaces offers two primary services: Vizworld and Vizstore. Vizworld is a tech-enabled brand providing a full-stack solution for designing and constructing commercial spaces, while Vizstore offers a range of furniture and furnishing products across various categories.
The startup’s clientele includes companies such as Reebok, Oppo, Zeta, and Indiqube, among others. Flipspaces competes with other players in the interior design industry like Livspace, HomeLane, and Bonito Designs. Earlier this year, Design Cafe secured INR 40 crore in funding in a round led by WestBridge Capital, Mirabilis Investment Trust, and Alteria Capital.
According to a report by Technavio, India’s online home decor segment is projected to grow at a compound annual growth rate (CAGR) of 10.2% between 2021 and 2026, reaching a market size of $3.75 billion by 2026.
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