Interior design firm Arrivae today said it has acquired stake in ModSpace for USD 1 million as part of its plan to expand in the Delhi-NCR market.
Arrivae, which launched its operations in December last year, offers customised furniture for homes and offices, while ModSpace is into customised modular kitchens and wardrobes segment.
"We are investing USD 1 million in ModSpace for an equity participation," Arrivae founder Yash Kela said.
He did not disclose the percentage of stake acquired by the company in ModSpace.
Kela said the company would be able to expand in Delhi-NCR market through partnership with ModSpace.
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While Arrivae's online model delivers a customised home design, the offline model offers customers a touch-and-feel experience through its centres.
"Delhi NCR is an important market at present for Arrivae and requires a very different infrastructure to cater to the consumer requirements as compared to other geographies.
"Joining hands with ModSpace will enable us to scale further by offering the consumers full home designing solutions as well as back-end assistance," Kela said.
Pallavi Paul, Co-Founder ModSpace, said Our company is focused on delivering high quality, customised kitchen and wardrobe solutions with absolute reliability and transparency, something the interior business in India still lacks."
"In our three years of establishment, we have already achieved an impressive customer satisfaction rate, and with Arrivae as a partner, we will further build our technology and team to expand our product offerings and drive an even better customer experience," she said.
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