Capricoast, a marketplace for providing modular furnishing and home furnishing solution, is close to raising $10 million from existing investors, including Accel Partners.
“We should be raising our third round of funding in 60 days’ time,” said Jawad Ayaz, CEO.
Ayaz had previously also co-founded Zansaar.com.
Capricoast had previously got a funding of $1.5 million by Accel Partners.
“Most companies operating in the modular kitchen space and furnishing place don’t have an e-commerce platform. We act as a marketplace for them and eliminate middlemen and bring in cost efficiencies that are passed on to the customer,” Ayaz said.
The overall modular kitchen and furnishing market is estimated at $7-10 billion.
Ayaz said that it is largely unorganised with fewer standardisation elements in pricing and quality.
The start-up wants to change this by offering a wide product range, transparent pricing, and ease of buying.
“The market will become organised in few years and we see a growth. We will be soon having all leading brands under our umbrella. While the brands own store will act as an omni-channel retail model, Capricoast will convert customers with design and pricings,” he added. CapriCoast connects customers with manufacturers and suppliers of kitchen solutions and wardrobes.
The company has both branded and private label products.
Ayaz said the company relies on online customisation tools and free design consultations to ensure a good customer experience.
The Bengaluru-based entity has presence in 14 cities.
“We will use the funding to expand into 65 new cities, besides investing more on technology platform and marketing,” he added.
Ayaz said the company has a catalog of about 1,000 designs of kitchens and wardrobes in a wide price range.