Interior designtech startup Flipspaces on Wednesday said it has acquired interior design platform Renomania for an undisclosed sum.
The acquisition marks sale of all Renomania’s assets, database and its technology-related intellectual properties, Flipspaces said in a statement.
Flipspaces, which is backed by private equity fund CarpeDiem, and a consortium led by IIFL AMC’s former CEO Prashasta Seth, said that the buyout will help it boost its growth and also expand its design and delivery technology vertical.
Founded by Navneet Malhotra and Ritu Malhotra, Renomania claims to have built a web-based platform that enables users to interact with architects, interior designers and contractors.
“We have been highly influenced by their (Flipspaces) vision for technology which is to drive transformation in all aspects of the design-and-build domain along with the rich pedigree of the founding team,” said Malhotra.
"The technology from Renomania gives a push to further evolve Flipspaces design tech stack to provide a platform characteristic to our design and build vertical where we can partner with interior designers and architects to create a global consumer-facing interior design and product supply platform,” said Kunal Sharma, Founder and Chief Executive Officer (CEO), Flipspaces.
Flipspaces was founded in 2015 by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu and Ritesh Ranjan.
It has offices across New York, Boston, Mumbai, Bangalore and Ahmedabad.
