capricoastnew

Bangalore-based online modular furnishings provider CapriCoast has raised $3.5 million in a Series A round of funding from existing investors Accel Partners India and Singapore-based RB Investments. The startup will use the funds to focus on product development, sales, marketing and hiring.

CapriCoast had earlier raised $1.25 million in a round of seed funding led by Accel Partners India in April this year. Founded by Jawad Ayaz, CapriCoast currently serves in 20 cities including Chennai, Mumbai, Bangalore, Pune and Nagpur and offers deliverable designs with a speciality in kitchens and wardrobes. The website provides users with online customization tools and free design consultations to zero in on furniture they would like to get.

Interestingly, CapriCoast and Zansaar, the other startup by Javad Ayaz, said they would use each other’s platforms to increase their user base. As of now Zansaar also lists furniture, where it prominently displays CapriCost modular kitchens as an option. Note that Zansaar had raised $6 million from Accel Partners and Tiger Global in Feb 2012.

Competition:

– Last week, Homestudio, an online furniture startup, raised $5 million in a round of funding from Bren Corporation.

– In September HomeLane, a Bangalore-based online marketplace for fixed furniture, acquired Doowup, a virtual home decor platform for an undisclosed amount. In February this year, the company raised $4.5 million in funding from Sequoia Capital and other investors.

– In August, Hyderabad-based interior design and home decor company Foyr raised $1 million from Astarc Ventures

– In July, online furniture marketplace Pepperfry raised $100 million in funding.

– In April, Bangalore-based online furniture store Urban Ladder secured an undisclosed amount of funding, after having raised $50 million in a series C round of funding the same month.

– Online home furnishing portal Bedbathmore.com had received an undisclosed amount in Series A funding from Blume Ventures in May 2013.

– Besides this, e-commerce ventures like Amazon India, Snapdeal, HomeShop18, Jabong and Infibeam also offer furniture products.