CapriCoast, an online marketplace in the ever mushrooming home furnishings segment, has grabbed a $3.5 Million (₹23 Cr.) Series A round from existing investors Accel Partners and Singapore-based VC firm RB Investments.
The startup, which raised just north of a Million USD in April this year, works on a unique online-offline model, wherein the consumers place order on its website and complete it offline with the vendor.
As per stats available with ET, CapriCoast records 85% users completing the buying process offline — largely due to its tie-ups with interationally reputed offline brands such as Spacewood, StyleSpa and Asian Paints subsidiary Sleek International. The average ticket size too, as a result of this pivoted model has gone up to ₹3.5 Lacs, a 175% increase as compared to the previously recorded ₹2 Lacs.
Jawad Ayaz, founder and CEO of CapriCoast commented,
A considerable part of our funding will be deployed for key hires in the area of technology and sales and marketing.
As a part of that executive team building strategy, Jidesh Haridas, who previously worked at Zansaar, will almost immediately take up the role of chief operating officer (COO) at CapriCoast.