Bengaluru based Online modular furnishings marketplace CapriCoast has raised Rs 23 crore ($3.5 million) in its Series-A funding. The funding was done by its existing investor Accel Partners along with Singapore-based boutique venture capital firm RB Investments. In April this year, the company has raised Rs 7.7 Cr from Accel Partners. The company recently move to an online to offline model.
Jawad Ayaz, founder and CEO of Capri-Coast, who was also the former cofounder of home decor marketplace Zansaar, said in statement:
“A considerable part of our funding will be deployed for key hires in the area of technology and sales and marketing ,”
Post this funding round Jidesh Haridas, who currently is the head of marketing at CapriCoast will now hold the position of the Chief Operating Officer. Jidesh also worked at Zansaar, prior to CapriCoast.
The company has been working on its expansion through tie-ups with key offline brands such as Spacewood, StyleSpa and Asian Paints subsidiary Sleek International. Per the company 85% of its users complete the buying proces offline. The average ticket size of an order has gone up to Rs 3.5 lakh after
the company decided to move to the current O2O (online to offline) strategy from Rs 2 lakh previously.
Prashanth Prakash, partner at Accel has said on this development:
“We see massive growth in the modular furnishing market in India, and see CapriCoast’s disruptive online-led approach as offering the most customer value in terms of product range, transparent pricing and ease of buying,”
CapriCoast currently serves in Bengaluru and it expects to expand to the six metros in the country in near future. The furniture market in India is currently estimated at Rs 1.4 lakh crore, though largely unorganised. End-to-end interiors solutions providers such as Home Lane and LivSpace have raised multiple rounds of funding.