Interior design

interior design: Flipspaces will multiply by 5 its activity in the United States next year thanks to strong growth

Interior design tech startup Flipspaces has seen its U.S. vertical grow 35x in the past six quarters and is looking to aggressively expand team and geographic reach in design & build and supply SAAS in the United States, Kunal Sharma, Founder and CEO, Flipspaces told ET.

“We are looking to grow the US business 5X over the next 12 months,” Sharma said. “In a short time, we have created a strong global presence with dedicated offices in Mumbai, Bangalore and more recently in Boston. A $100 billion commercial design and construction market in the United States also offers better margin profile in the technology-driven design and construction segment.”

Additionally, he stated that the company’s VIZSTORE offering is a SaaS product for third-party furniture and home furnishings brands. This VR-enabled SaaS product was first widely used and validated as part of the internal technology suite, he said.

“VIZSTORE aimed to virtualize the experience of visiting a physical store in the furniture and home furnishings segment. Since its launch earlier this year, VIZSTORE has received a terrific initial response and has several big name brands and customers in its listing. Our vision is that VIZSTORE will be the virtual twin for every physical brand or furniture and accessories retailer (FNF) showroom, becoming the experiential Shopify for this industry,” he said. he declares.

Powered by gamification and virtual reality, VIZSTORE allows customers to navigate the virtualized showroom environment and experience and view products as they would in a physical showroom experience. In addition, it allows customers to modify products and finishes in the environment.

“It enables retailers and FNF brands to reduce their real estate costs to showcase their products and enables them to drive omnichannel commerce through unprecedented VR technology combined with an online commerce toolkit. It is a upfront pay product for retailers, brands and manufacturers. Along the same lines, we are looking to develop technology functionality and expand our offering to the US market where SaaS products have empirically had a bigger game and a better market profile. margin,” Sharma explained.

He said the company’s ticket size was 10 times that of other new-age interior design startups like Livspace and Homelane, and a market size about 4 times that of those players, with India and the United States combined. The company’s average note size is 10 million rupees and above. The company’s revenue is also expected to reach pre-pandemic levels in the third quarter, i.e. this quarter, with profitability at the EBITDA level, Sharma said.

Flipspaces has executed multiple projects and worked on over 5 million square feet of retail space. The company’s renowned MNC clients include companies such as BSH, Aditya Birla, Oppo, P&G while working with unicorns, soonicorns and fast growing startups such as Bharatpe, Razorpay, Indwealth, Open Money, Nobroker, Bounce , Playsimplegames. It has also leveraged the technology suite to facilitate partnerships with commercial space owners and developers such as Lodha, Godrej, Tata Realty, Mahagun, Brigade, Salarpuria Sattva, etc., for a total area of ​​more than 1 .5 million square feet in various commercial real estate projects.

The company has raised a total of $3.5 million through its Series A and Pre-Series B. The main investors are Carpediem Capital and a consortium led by Prashasta Seth, the former CEO of IIFL AMC.