In a pre-series-B round, the company has raised $2 million
from a consortium led by Prashasta Seth, ex-CEO, IIFL AMC, the company said in
a statement.
The round saw participation from family groups and High Net
Worth Individuals (HNIs).
Flipspaces is also backed by Carpediem Capital, a
growth-stage PE fund for mid-sized ventures.
Founded in July 2015, by IIT Bombay alumni, the company
provides interior design services and build projects for commercial spaces.
Growth
Kunal Sharma – Founder and CEO of Flipspaces said, the
company’s US vertical has grown 25 times in the last four quarters and is now
profitable at the Earnings Before Interest, Taxes, Depreciation, and
Amortisation (EBITDA) level.
“We are getting close to our vision of becoming the Zoho for
Interior Design and Build domain which is a $1 trillion plus market globally,”
he added.
Flipspaces said it has recently launched a B2B SAAS vertical
called Vizstore which allows furniture and furnishing brands and retailers to
virtualise their showroom experience.
“We have kept furthering our differentiation
through tech-enablement in every vertical of business while keeping a sharp
focus on profitability which has helped us tide through difficult times of
Covid-infused shut-down. In many ways, we are a stronger and more diversified
business now,” said Vikash Anand, Co-Founder and Head of Business Development. Courtesy:
www.thehindubusinessline.com
