[Funding alert] Interior design startup Flipspaces raises $1.15M in debt from UCIC and Alex Group of Companies
Flipspaces, a Mumbai-based tech-enabled commercial interior design and build startup, has raised $1.15 million (Rs 8 Crore) in a venture debt funding round from Unitus Capital Inclusive Credit (UCIC) and Alex Group of Companies.
Flipspaces said it will utilise the funds towards the growth of domestic business units, expansion of its foothold globally, and enhancement of VR technology for better consumer experience.
Kunal Sharma, CEO and Founder, Flipspaces, said,
“We at Flipspaces aim to establish ourselves as a de facto brand for the real estate expansion management of commercial spaces across different SMEs. We plan to expand to three more business units in India, and upscaling our business operations to two cities in the US, delivering a differentiated customer experience through cutting-edge web and VR technology”.
Founded by Kunal Sharma and Ankur Muchhal in 2015, Flipspaces is an integrated solution provider of property “Discovery”, “Design”, and “Delivery” for SMEs, startups, and co-working spaces that are looking to expand their physical presence. The technology suite, powered by Virtual Reality and Gaming Engine-based tech, is the key differentiator in the startup’s vision of disrupting a $170 billion market globally, it said in a statement.
“Taking into consideration the customer outreach and loyalty analysis, we are proud of the fact that Flipspaces has 40 percent of repeat customers and 20 percent of the referral customers, which adds the trust element. As an investor, we are impressed by the unique competitiveness of Flipspaces,” said Prannay Sureka, Managing Director, Alex Group of Companies.
Using Flipspaces, SME customers can further visualise their virtual office environment in their chosen spaces by leveraging their VR-technology, coupled with their exhaustive product catalog of more than two lakh commercial interior product SKUs.
Abhijit Ray, Co-founder and Managing Director, Unitus Capital Inclusive Credit, said,
“Having invested in a few early-stage startups, there is greater scope and potential in Flipspaces in how they help brands across different sectors to freezing an office space mapped as per a suitable location, budget, and aspirations with the help of structured tech and data-driven approach in a cost-effective manner with great conceptualization and execution”.
Flipspaces had earlier secured $3.5 million from Carpediem Capital in Series A funding in January 2019, which was the first institutional funding received by the startup. Since its inception in 2015, Flipspaces has executed projects of revamping more than three million square feet of commercial spaces for various Fortune 100 companies, MNCs like BSH, Times of India, Aditya Birla and new-age startups like Razorpay, Nobroker, Bounce, and PlaySimpleGames.
(Edited by Megha Reddy)