Mumbai-based virtual reality-enabled interior designing startup Flipspaces has raised ₹24.5 crores ($3.5 million) from Carpedium Capital. This is the first institutional funding for the startup and it plans to use the freshly raised capital to enhance its technology, expand its footprint over multiple cities and increase its product database from organized and unorganized suppliers.
Founded by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu, and Ritesh Ranjan in 2015, the startup operates a VR-focused interior design platform that allows consumers to experience the design interactively while making changes to the space-design in real time.
The B2B-focused startup’s target audience includes offices, restaurants, educational institutions, financial firms and hotels. The ticket size in the industry is high and hence a small number of clients can prove to be highly profitable for the firm, and Flipspaces focuses on that. With a specialised VR application called Vizwalk, Flipspaces visualizes the designs where a user can walk through the model and get a real-life like the experience of how space will look after the work is finished.
The parent company, Gloob was launched in 2011 and focuses on multi-categories in the design and production vertical. It offers integrated managed office services including elevator installations, carpentry, firefighting, transformer installation and another day to day services like cleaning, landscaping, waste management and housekeeping.
The firm has executed projects for over 1.5 million square feet of commercial spaces for clients like Bosch, Radio Mirchi, Toppr, Indiqube, Regus, Coverfox, Razorpay, Nobroker, Quantifi, and several others.
Flipspaces competes with startups like WaterBridge Capital backed Design Cafe, BCCL-backed HomeLane and TPG Growth-backed Livspace. Earlier in 2018, Design Cafe raised ₹200 crores from WaterBridge Capital. Another bootstrapped startup Studiokon Ventures also exists as a competitor to Flipspaces.