Online furnishings marketplace CapriCoast raises Rs 23 crore from Accel Partners & RB Investments

HYDERABAD: Online modular furnishings marketplace CapriCoast has raised Rs 23 crore ($3.5 million) from existing investor Accel Partners along with Singapore-based boutique venture capital firm RB Investments in Series-A funding. The marketplace, which recently pivoted to the online-to-offline model, had previously raised Rs 7.7 crore from Accel in April 2015.

“A considerable part of our funding will be deployed for key hires in the area of technology and sales and marketing,” said Jawad Ayaz, founder and CEO of Capri-Coast and former cofounder of home décor marketplace Zansaar. CapriCoast’s head of marketing and sales Jidesh Haridas, who previously worked at Zansaar, will take up the role of chief operating officer (COO) following this round of funding.

Expanding through tie-ups with key offline brands such as Spacewood, StyleSpa and Asian Paints subsidiary Sleek International, CapriCoast records 85% users completing the buying process offline. The average ticket size of an order has gone up to Rs 3.5 lakh after the company shifted to the current O2O (online to offline) strategy from Rs 2 lakh previously.

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.