The funding, which includes the ₹50 crore raised earlier as
an extension of its Series B round, will be used to expand the business to new
cities. Early investor Fireside Ventures also participated in this funding
round along with a few family offices.
The company plans to open in the top 10 Indian cities over
the next 18 months. It currently has operations in Bengaluru, Mumbai and
Hyderabad, with new centres being launched in Chennai and Thane. It also plans
to open more experience centres in Bengaluru.
Interior-design startup Flipspaces raises $2 million from
investors
Shezan Bhojani, CEO and co-founder, Design Cafe, said, “The
funds raised will allow us to invest further in technology and people. We are
on the cusp of a change in India’s home interior and improvement space and are
excited to work together to build a brand that will impact the entire ecosystem
in a meaningful way. This includes providing better homes to customers and
greater opportunities to designers and trade professionals.”
Sandeep Singhal, co-founder and Managing Director,
WestBridge Capital, added, “Home interiors and improvement is a very large
opportunity in India and the problem that Design Cafe addresses is a real
consumer need today. We’ve been part of their journey for the past few years
and have confidence in the team to create an industry-leading brand for home
interiors.”
Real estate deserves industry status
Founder and CEO of Sixth Sense Ventures, Nikhil Vora said,
“Home improvement and design is a $20-billion industry in India, which is
completely fragmented and unorganised. Profitability has always been a
challenge, but Design Cafe’s focus on standardised modular furniture,
vertically integrated manufacturing, and a full-stack tech platform will enable
the business to achieve economies of scale… we believe the timing is right
for the company to scale the proven model across new geographies.”
Design Cafe targets a gross annual order booking of ₹600-700
crore within two years and aims to build a billion-dollar brand.
Founded in October 2015 by Gita Ramanan and
Bhojani, Design Cafe hasa 35,000-sqft factory in Bengaluru that manufactures
products for homes that are designed and built from end-to-end in 60 days, with
a 10-year warranty. With 800 employees, it currently delivers 150 homes per
month. Courtesy: www.thehindubusinessline.com
