Flipspaces: The Future of Virtual Reality in House Decoration
Flipspaces is a Virtual reality-based interior design and builds a start-up. Flipspaces Technology Labs Pvt. Ltd was started in 2014 by Kumal Sharma, Mrinal Sharma, Ankur Muchhal, Prafful Sahu, Ritesh Rajan, and Vikas Anand. The start up’s center of interest is on the $5 billion (INR 35,000 crore) commercial interior design and contracting market in India.
Flipspaces has recently raised $3.5 million (INR 24 crore) from country-based private equity company called Carpediem Capital. “The firm will utilize the fund to improve technology, enhance its business existence across several cities in India and further develop its product database from efficient and inefficient dealers,” said by the founder of Flipspaces, Kunal Sharma.
The enterprise allows customers to actively connect with design spaces, where they can make changes in concurrent time. It provides to the mainstream market servicing offices, restaurants, educational and financial institutions, and hotels. The firm asserts to have already accomplished projects for over 1.5 million sq. ft. of the mainstream market. Its portfolio includes startup workplaces, co-working area, shop window and big brands such as Radio Mirchi, Nobroker, Quantiphi, Regus, Bosch, Coverfox, Razorpay, Indiqube Play Simple Games, Moveinsync, Thoucentric and BusaGo including others.
“We see great potential in the mainstream interior design and build market in India. Less than 20% of the market is run by organized organizations and about 80% is operated by local inefficient contractors. This space lets an option to set up a model of scale backed by technology-enabled design and execution,” said managing director of Carpediem Capital, Hithendra Ramachandran.
Started in 2014, The main founders Abhishek Sharman, Arvind Nair, and Ramachandran are all ex-India Equity Partners executives, the firm had struck the first close of its debut mid-market fund, Carpediem Capital Partners Fund I, at $10.7 million (INR 75 crore) in 2015. It had generated the mass of the marked collection by the mid-2016.
Few of its includes online jewelry manufacturing brand ‘SukkhiOnline Pvt. Ltd’, The chain of value retail stores of ‘Nysaa Retail Pvt. Ltd’, India’s number medical device store ’Collateral Medical Pvt. Ltd’, Top biryani joints in Delhi ’Biryani Blues’, Leading manufacturer of can food in India ’Adinath Agro Processed Foods Pvt. Ltd’ and India’s first mobile repair services ’Gadgetwood’. Deals in the space. Numerous ventures in the real estate and interiors space now provide virtual reality-based services.
According to Goldman Sachs report in 2018, the chance for Virtual reality in the consumer real estate space is estimated to cross $2.5 billion by 2025. In mid-year of 2018, the Virtual reality startup SmartVizX has raised Rs 10 crore ($1.4 million) in pre-Series A funding round from YourNest Venture Capital and Indian Angel Network’s fund.
In September, the Gurugram-based real estate portal, Housing.com introduced a Virtual reality product which can display and exhibit projects in 3D. Online home rental technology company FastFox has been utilizing Virtual reality, artificial intelligence to help and guide its consumers search for homes, apartments, and properties.
In January last year, a Virtual reality-based platform, ‘Scapic Innovations Pvt. Ltd’ raised $500,000 in a seed round from Speciale Invest, Axilor Ventures, and Newfort Capital.
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