Mumbai-based interior design startup Flipspaces has raised $3.5 Mn from PE fund Carpediem Capital.
Bengaluru, 07 Jan, 2019. RedNewswire/-
Flipspaces was founded in 2015 by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu and Ritesh Ranjan.
The startups focus on the $5 billion commercial interior design and build market in India. It offers technology enabled approach to design visualisation and efficient project management process.
The raised funds will be used to enhance technology, increase its market presence across multiple cities in India and further expand its product database from organised and unorganised suppliers.
Kunal Sharma, Founder and CEO, said, “Within a short span of time, Flipspaces has become a player to reckon within the Interior Design and Build space. We shall be using the funds raised towards enhancing our technology, increasing our market presence across multiple cities in India and further expanding the product database from organised and unorganised suppliers.”
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.”
The company claims to have already executed projects for over 1.5 million sq. ft. of commercial spaces. Its portfolio includes startup offices, co-working spaces, storefronts and corporates such as Bosch, Radio Mirchi, Quantiphi, Indiqube, Regus, Nobroker, Coverfox, Razorpay, Play Simple Games, Moveinsync, Thoucentric and BusaGo among others.
Flipspaces is currently operational in Bengaluru and Mumbai and it plans to expand its services in nearly six to eight commercial hotspots in India.