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Who needs seed funding? Not this Indian VR startup
It’s always refreshing to see emerging markets take to new technologies, and virtual reality (VR) is no exception.
So we’re glad to see an Indian VR startup not only taking to the technology, but seemingly making a success of it all, as is the case with FlipSpaces.
Focused on interior design, FlipSpaces “enables people to visualise how products they are seeking to buy for their home or office look like in virtual environment similar to their own”, the company wrote in an emailed press release.
It also claimed to rake in US$1-million in revenue in three months.
Prove your mettle and revenue follows automatically
“The venture has been able to gain this traction without any external aid or funding according to its core team,” FlipSpaces explained.
“We believed right from the start in going against the tide and making our end consumers our funders. We are in a market of high ticket transactions and it was just about making a product which could truly address the pain points of the enterprise consumer. If you have a powerful idea you can generate good business without funding too. All you have to do is, prove your mettle and revenue follows automatically,” a company representative added.
FlipSpaces estimates that the market for technology-led interior design in corporate real estate is worth an estimated US$3-billion in India, but plans are afoot to expand to residential and hospitality interior design as well.
“The venture is looking to generate $15-million in a year in terms of gross revenues and is on its way to announcing tie ups with major builders and industry leaders towards VR-led design and execution,” FlipSpaces wrote.
Featured image: FlipSpaces team via FlipSpaces