UCIC, Alex Group teleport into virtual reality startup Flipspaces with VC cash
Kunal Sharma

Flipspaces Technology Labs Pvt. Ltd, a virtual reality (VR) interior design and contracting firm, has raised $1.15 million (Rs 8.25 crore at current exchange rate) in venture debt from UC Inclusive Credit Pvt. Ltd (UCIC) and Alex Group of Companies.

In a statement, Mumbai-based Flipspaces said that it will utilise the funds it has raised for the growth of its domestic business units, its global expansion and enhancing its VR technological infrastructure for a better consumer experience.

Company co-founder and chief executive Kunal Sharma said Flipspaces is planning to begin operations in at least two cities in the United States (US).

“We, at Flipspaces, aim to establish ourselves as a de facto brand for the real estate expansion management of commercial spaces across different SMEs,” Sharma said.

UCIC co-founder and managing director Abhijit Ray said the firm was confident about its investment because of Flipspaces’ data-driven and cost-effective focus on helping brands across sectors to map office spaces based on their location, design aspirations and budget. 

Flipspaces was founded in 2015 by Sharma, Ankur Muchhal and Vikash Anand. It allows users to actively interact with design spaces, where they can make changes in real time. It caters to the commercial market servicing offices, restaurants, educational and financial institutions, and hotels.

The startup says it has worked with clients including Truebil, NoBroker, Chaayos, Adidas, and HolaChef.

In January this year, the firm raised $3.5 million (around Rs 24 crore) from homegrown private equity firm Carpediem Capital, marking its first institutional funding. At the time, the company said it would use the money to enhance its technology, increase its market presence across multiple cities in India and further expand its product database from organised and unorganised suppliers.

Alex Group of Companies, founded in 2009, focuses on generating energy from renewable and sustainable sources.

Deals in the VR/AR/MR segment

Investor interest in the virtual, augmented and mixed reality segment has grown in recent years, with startups across sectors concentrating on layering their services with digital offerings that add value to their end products.

For example, in May this year, Dalmia International, the overseas arm of the Dalmia Group, along with a group of international investors, invested in an augmented reality education company.

In September last year, online realty platform Housing.com launched a native VR product that can display projects in 3D. And in January of that year, Scapic Innovations Pvt. Ltd, a VR and augmented reality platform, raised $500,000 in a seed round from Speciale Invest, Axilor Ventures and Newfort Capital.

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