CapriCoast, the eCommerce furnishing marketplace has raised $3.5 Million in Series A round of funding from its existing investors Accel Partners India and Singapore based Venture Capital firm RB investments. The company had also raised $1.3 Million from Accel Partners back in April this year.
Earlier, CapriCoast has established itself in Online to Offline (O2O) model in modular furniture sector in India. The company had partnered with Sleek International, the subsidiary of Asian Paints and Spacewood, where both are leading makers of modular furniture in India.O2O model of CapriCoast offers widest range of designs and products at best prices with easy transaction and fulfillment process.
Founder and CEO of CapriCoast, Jawad Ayaz said, “Our online-to-offline (O2O) marketplace model, addresses the problems that customers face today while buying modular furnishing – obfuscated pricing, delayed delivery, limited choice and lack of transparency. CapriCoast is pioneering a data science led, transformative technology that is rapidly changing the way customers experience the buying modular furnishing in India.”
As of now, the company works with 50 showrooms across 15 cities in India, but it is planning to have more than 200 showrooms across 50 plus cities on board by the end of 2016. It will use the fund to hire more people in marketing, tech and sales sector. It will also use the fund to improve the speed of its product development process.
Some other startups in the furnishing space have also raised funds. UrbanLadder had raised $50 Million in fresh round of funding led by Sequoia Capital and TR Capital. Furlenco had also raised $6 Million in Series A round of funding from Venture Capital LightBox and others.