Flip Spaces raises Debt Funding of $1.15 Million

Introduction

Flipspaces, a technology-based interior design and build startup, on Thursday said it has raised $1.15 million ( ₹ 8 crore) in a venture debt funding round from Unitus Capital Inclusive Credit (UCIC) and Alex Group.

Flipspaces will utilize the funds towards growing domestic business units, expanding their footprint globally, and enhancing Virtual Reality (VR) technology for better consumer experience.

Founded by Kunal Sharma and Ankur Muchhal in 2015, Flipspaces offers a one-stop solution for discovery, design, and delivery of commercial spaces for small and medium enterprises (SMEs), startups, and co-working spaces. It provides a tech-enabled approach through its technology suite, powered by VR and a tech-based gaming engine.

Commenting on the debt funding, Sharma, CEO of Flipspaces said, “We plan to expand to three more business units in India and upscale our business operations to two cities in the US and deliver a differentiated customer experience through cutting-edge web and VR technology."

Flipspaces also helps prospective customers discover a property mapped to their needs using a consultative approach at the discovery stage. Potential SME customers can visualize their virtual office environment in their chosen spaces by leveraging their VR-technology coupled with their extensive product catalogue.

According to the company, it is a profitable and capital-efficient brand. “Unlike other brands, we can afford to leverage debt as an instrument for growth," claims Sharma.

It enjoys 40% of repeat customers and 20% of referral customers which adds to the trust element. "As an investor, we are impressed by the unique competitiveness of Flipspaces," added Prannay Sureka, managing director, Alex Group of companies.

Flipspaces had earlier raised $3.5 million from Carpediem Capital in a Series A funding in January 2019, which was the first institutional funding that startup received.

Till date, Flipspaces has executed projects revamping more than 3 million square feet of commercial spaces for Fortune 100 companies, multinationals and startups like Razorpay, Nobroker, Bounce, and PlaySimpleGames.

Source

Livemint, 21 November, 2019