CapriCoast.com, a Bangalore-based online-to-offline (O2O) marketplace for modular kitchen furnishing, has secured US$3.5 million in Series A round of funding, led by Accel Partners India and Singapore-based VC firm RB Investments.
The funds will be used to accelerate product development and expand its sales, marketing and hiring efforts, as per an official statement.
Started early this year, CapriCoast allows users to select from thousands of modular kitchen furnishing and wardrobe designs. The startup is currently working with 50 showrooms across 15 cities in India and aims to reach 200-plus showrooms across over 50 cities by early next year.
CapriCoast recently partnered with Sleek International (an Asian paints subsidiary) and Spacewood – both leading manufacturers of modular furniture in India.
“Our O2O marketplace model addresses the problems that customers face today while buying modular furnishing – obfuscated pricing, delayed delivery, limited choice and lack of transparency,” said Jawad Ayaz, Founder and CEO of CapriCoast.
RB Investments has a diverse portfolio of investments, primarily across Southeast Asia. In India, its funding in CapriCoast follows investments in companies such as Spuul and 5aSec, among others.
“CapriCoast is well aligned with our investment philosophy of investing in companies who are tackling a complex, multi-faceted problem that if addressed right provides a rapidly scalable business opportunity,” said Rajesh Bothra, MD of RB Investments.