Interior-design startup Flipspaces on Tuesday said it has raised $2 million (around ₹14.6 crore) from investors to fund expansion and growth plans.
In a pre-series-B round, the company has raised $2 million from a consortium led by Prashasta Seth, ex-CEO, IIFL AMC, the company said in a statement.
The round saw participation from family groups and High Net Worth Individuals (HNIs).
Flipspaces is also backed by Carpediem Capital, a growth-stage PE fund for mid-sized ventures.
Founded in July 2015, by IIT Bombay alumni, the company provides interior design services and build projects for commercial spaces.
Kunal Sharma – Founder and CEO of Flipspaces said, the company’s US vertical has grown 25 times in the last four quarters and is now profitable at the Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) level.
“We are getting close to our vision of becoming the Zoho for Interior Design and Build domain which is a $1 trillion plus market globally,” he added.
Flipspaces said it has recently launched a B2B SAAS vertical called Vizstore which allows furniture and furnishing brands and retailers to virtualise their showroom experience.
“We have kept furthering our differentiation through tech-enablement in every vertical of business while keeping a sharp focus on profitability which has helped us tide through difficult times of Covid-infused shut-down. In many ways, we are a stronger and more diversified business now,” said Vikash Anand, Co-Founder and Head of Business Development.