Flipspaces will use the new funds to enhance technology, increase market presence, and expand the product database.
Technology-led interior design startup Flipspaces has raised $3.5 million from Carpediem Capital. The startup will use the fresh funds to intensify their technology and expand their market presence across cities, Founder and CEO Kunal Sharma said.
According to a media source, Hithendra Ramachandran, MD of Carpediem Capital, said less than 20 percent of the market is serviced by organised entities and about 80 percent of the market is served by local and unorganised contractors. The gap allows an opportunity to create a model of scale, backed by technology-enabled design and execution.
Exclusively designed for the home and office decor markets, Flipspaces was founded by Kunal Sharma, Ankur Mucchal, Vikash Anand, Mrinal Sharma, Prafful Sahu, and Ritesh Rajan in 2015.
Flipspaces enables prospective customers to visualise home or office decor products that they browse on the website, in a virtual environment similar to their own. They offer over one lakh products to select from, on a floor plate that is a replica of their own home or office. The application allows the customers to generate photorealistic images of the spaces at a speed 500 times faster than any other application in the domain.
"This helps do away with the huge physical catalogue decor companies have to handle," said Kunal in a previous conversation with YourStory.
The team, which comes from backgrounds such as engineering, design, and gaming, has designed spaces for Bosch, Radiomirchi, Indiqube, Nobroker, and Coverfox among others.
Previously Kunal had said: “We are a B2B-focused enterprise and our ticket sizes are fairly high. We are able to execute projects at lower costs than any other agency in India and at sharper timelines. All this allows us to maintain a robust GM even after reduction of CAC. That is the key to our model and success so far."