Bangalore-based online modular furniture solutions provider CapriCoast.com on Monday announced raising of $1.25-million (Rs.8 crore) seed fund from venture capital firm Accel Partners India to expand its operations.
“The seed fund will be used to expand our presence beyond Bengaluru to other metros like Ahmedabad, Chennai, Delhi, Hyderabad, Kolkata and Mumbai by this year-end,” CapriCoast founder chief executive Jawad Ayaz said in a statement here.
With innumerable deliverable designs, the start-up’s online catalogue offers a wide range of kitchens and wardrobes to suit any customer’s budget.
The start-up estimates the furnishing market in India to be about $10 billion per annum though most of it is unorganised, lacking quality standards and fair pricing.
“We want to change the way the modular furniture business is conducted by providing an engaging customer experience and make selection less tedious,” Ayaz noted.
The company also offers customization tools and free design consultation for the convenience of its netizens.
“Our online platform eliminates middlemen and brings cost efficiencies, which are passed on to customers, as our pricing for a modular kitchen is 20-25 percent lower than other offerings in the market,” Ayaz said.
Accel partner Prashanth Prakash said on the occasion that as the Indian modular furnishing market is poised for a huge growth, CapriCoast’s disruptive online-led approach would offer immense customer value in terms of product range, transparent pricing and ease of buying.
The Silicon Valley-based Accel venture and equity growth firm funds companies from inception through the growth stage.(IANS)