Flipspaces, a tech-driven interior design start-up, has raised $4 million in funding from its existing investors. Leading the investment consortium is Prashasta Seth, the former CEO of IIFL asset management company.
Flipspaces has received strong backing from Carpediem Capital, a growth-stage private equity fund specialising in mid-sized ventures in addition to other family groups and funds.
The global ecosystem around interior design, product supply and build is fragmented, with 400 million small and medium businesses worldwide bringing in multiple inefficiencies. Of these, 65 million are in the USA and India.
Flipspaces aims to put an end to business owners’ struggles with handling designers, suppliers, and contractors, leading to time and cost overruns and a complete lack of customer delight by becoming a one-stop shop that efficiently manages everything.
Kunal Sharma, founder and CEO of Flipspaces, said, “We’ve seen rapid growth in the US market combined with robust India numbers. Leveraging this momentum, our impetus is to enhance our focus on tech to enable processes at scale and double down on building on our supply chain capability to serve global demand.”
Prashasta Seth, the head of the investing consortium, explains, “The decision to invest in Flipspaces for a second time is driven by the company's impressive growth since the previous investment. Their vision to combine technology with supply chain integration, coupled with the founders' strong pedigree and commitment towards capital efficiency and profitability, was another factor.”
According to Ankur Muchhal, co-founder and COO of Flipspaces, creating a supply chain ecosystem out of India that can service global demand has been a game-changer for them already. He stated that the continual success in securing design, product supply and build management mandates from the US, either integrated or standalone, has validated this approach.
With a fully operational presence on the East Coast and an office in New York City, Flipspaces is now eyeing the newer geographies on the West Coast, wherein they have already tasted early success.
Established in 2015, Flipspaces is a tech-enabled brand which offers a full stack solution for design and build of commercial spaces.