Interior design VR Platform Flipspaces raises funds

Flipspaces raises $ 2 million pre-series B round led by Prashasta Seth, former IIFL AMC CEO, with the participation of undisclosed family groups and high net worth individuals (HNIs)

Flipspaces aims to use the funds to grow in the United States and India to drive a $ 10 million business, the founder told Inc42

The company provides a virtual reality (VR) platform for users to walk and experience the interiors

Home decor and interior design startups came up with new ways to stay afloat for the pandemic and one of them, Mumbai-based Flipspaces, which provides virtual reality-based interior design (VR), has now secured a $ 2 million pre-series B round by Prashasta Seth, former CEO, IIFL AMC (India-based global asset management company) with the participation of undisclosed family groups and high net worth individuals (HNIs).

Intrinsically profitable, the company aims to use the funds to expand its growth in the United States and foster its newly launched SAAS vertical – VIZSTORE.

“We have been a profitable business due to the strong economy of the units and therefore we have a long track record with this funding,” said Kunal Sharma, co-founder and CEO.

“We are also looking for a $ 10 million empanel business over the next 6 months in India and the United States,” Sharma told Inc42.

Founded in July 2015 by IIT Bombay student Sharma, Vikash Anand and Ankur Munchal, Flipspaces designs the interior and builds projects for commercial spaces. The company recently launched its B2B SaaS vertical called Vizstore, which is a gamified platform that helps users walk through virtual reality and view furniture and interiors.

Flipspaces ’clientele includes startups like BharatPe, NoBroker, Openmoney, Indwealth, Gaana and Addverb, among others. The company last raised $ 1.15 million in debt financing from Unitus Capital and Alex Group and $ 3.5 million in Series A financing from Carpediem Capital.

“On the one hand, taken advantage of by our technical suite for interior design, our American vertical has grown 25 times in the last four quarters and is now profitable in terms of EBITDA. On the other hand, the Flipspaces ’first third-party SAAS product for furniture and furniture brands, retailers and SMEs has had a fantastic initial response.” Sharma said, adding that the company is on the verge of becoming a company that defines the market.

Praful Sahu, head of products, stated that the company will continue to work on technological differentiation to build products that can then be converted to SaaS or PaaS (platform as a service).

The interior market and housing renovations in India are estimated to range from $ 20 million to $ 30 million. Some other players in the interior design industry are Livspace, HomeLane with support from MS Dhoni, Spaceler, Hidecor and Interazzo, among others.



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