CapriCoast raises $1.25 million from Accel Partners India, others
Bengaluru: Online furniture seller CapriCoast.com has raised $1.25 million in an early-stage round led by venture capital (VC) firm Accel Partners India.
CapriCoast connects customers with manufacturers and suppliers of kitchen solutions and wardrobes. The company has both branded and private label products and it will use some of the money to expand its private label portfolio.
CapriCoast has designed a standardised pricing mechanism to make it easier for customers to compare products and prices across manufacturers. “The $10 billion modular furnishing market in India is mostly unorganised with minimal quality standardisation, obfuscated pricing and a tedious, high-friction purchase process,” chief executive officer Jawad Ayaz said.
“We want to change this by providing an engaging, never-before customer experience. CapriCoast.com’s online model eliminates middlemen and brings in cost efficiencies that are passed on to the customer, making it possible for the price of a world class modular kitchen to be 20-25% lower than any other comparable offerings in the market.”
CapriCoast.com is available only in Bengaluru and it expects to expand to the six metros in the country by the end of 2015.
“We see massive growth in the modular furnishing market in India, and see CapriCoast’s disruptive online-led approach as offering the most customer value in terms of product range, transparent pricing and ease of buying,” said Prashanth Prakash, partner at Accel.
Ayaz also runs online furniture seller Zansaar, which is funded by Accel. Zansaar and CapriCoast will use each other’s platforms to increase their user base.