CapriCoast.com raises Rs 7.7 crore from Accel Partners

BENGALURU: Online modular furnishing solutions provider CapriCoast.com has raised Rs 7.7 crore from venture capital firm Accel Partners, which was among the first investors in Facebook. The startup, which has operations in Bengaluru, will use the funds to expand in metros, including Delhi, Mumbai, Chennai, Kolkata and Hyderabad, by the end of this year.

Jawad Ayaz, a serial entrepreneur who founded the firm six months ago, said the modular furnishing market in India is worth Rs 62,000 crore but mostly unorganised.

“There is unclear pricing and a tedious, high-friction purchase process. We want to change this by providing an engaging, never before customer experience,” said Ayaz, who is also the founder of Zansaar, an online retailer of housewares and home products.

CapriCoast’s online model eliminates middlemen and brings in cost efficiencies that are passed on to the customer, said Ayaz, adding that this model allows the company to price modular kitchens at about a fourth less than the comparable offerings in the market. “We see massive growth in the modular furnishing market in India,” said Prashanth Prakash, a partner at Accel, which announced a $305-million (aboutRs 1,899-crore) India-focused fund last month. “We see CapriCoast’s disruptive online-led approach as offering the most customer value in terms of product range, transparent pricing and ease of buying,” he said.