OfficeBanao, an Indian startup providing a workspace interiors platform to companies within the nation, has raised $6 million in seed funding led by Lightspeed.
In India’s aggressive workspace inside market, conventional suppliers have lengthy dominated the panorama, typically requiring substantial funding of time and sources for purchasers to realize their desired outcomes. Moreover, many of those established corporations primarily goal massive firms, providing solely partial options that depart clients in search of third-party help to totally design their new or present workplace areas. OfficeBanao is difficult this establishment with its complete, end-to-end service, which options an interactive visible design course of tailor-made to companies of all sizes — from small and mid-sized enterprises to formidable startups and established giants.
The Gurugram-headquartered startup’s platform brings architects, contractors, designers, materials suppliers and even workplace furnishings suppliers collectively below one umbrella, streamlining the method for purchasers. Catering to a various vary of business interiors, the startup covers all levels of design, procurement, and execution for tasks that span from modest $12,200 workplace areas to sprawling $610,000 designs and past.
Moreover, OfficeBanao is utilizing newer expertise to advance the inside design course of for workspaces. By expediting the achievement of design necessities and streamlining operations, the platform not solely delivers larger effectivity for purchasers but in addition ensures a seamless expertise for service suppliers.
Traditionally, workspace inside suppliers have turned to instruments akin to AutoCAD, 3ds Max and even Excel spreadsheets to handle their operations. OfficeBanao is taking a stab at it by way of a tech suite that elevates the business normal, the startup says. This suite options an Enterprise Useful resource Planning (ERP) system that supplants conventional spreadsheet utilization, an progressive expertise layer that integrates seamlessly with AutoCAD to grant purchasers simple entry and a proprietary 3D resolution able to previewing an astonishing 10,000 choices for boardrooms or assembly areas in mere seconds, OfficeBanao co-founder and CEO Tushar Mittal stated in an interview.
Mittal co-founded OfficeBanao in January 2022 with Akshya Kumar (CTO) and Divyanshu Sharma (CBO and CPO) after spending years within the business designing and constructing workspaces for multinational purchasers at real-estate developer DLF and inside design agency SKV. The founders’ expertise and know-how concerning the market have helped deliver a aggressive edge to the startup in opposition to the competitors, they are saying.
“There’s a enormous demand… however the one drawback is it’s not vertically built-in anyplace. So, persons are going right here and there and never getting a one-stop resolution,” he stated whereas answering how OfficeBanao stands in another way.
The extent of transparency the startup affords to its purchasers and provide chain additionally makes it completely different from the opposite gamers available in the market, he added.
OfficeBanao at the moment has clients in additional than 15 cities, together with in among the untapped tier-2 cities of the nation. Over the following few months, the startup is seeking to increase to the highest 25 markets. It additionally leverages platforms akin to LinkedIn and Instagram to draw new clients in several markets.
The startup plans to deploy the all-equity seed funding and partnership from Lightspeed India Enterprise Companions to increase its headcount from the present 110 to 250-300 folks by the tip of the 12 months to create a strong technology-driven basis and higher meet the demand.
Mittal informed TechCrunch that OfficeBanao has a income run fee of round $5 million per quarter and is bettering each quarter. The startup was all bootstrapped till now.
“OfficeBanao is a mission-driven firm, dedicated to creating a significant distinction in how workspaces are developed in India. We’re delighted to accomplice with them and are excited to see how they rework this market,” stated Rahul Taneja, accomplice, Lightspeed, in a ready assertion.
“With depth of expertise and provider community, the crew is finest positioned to disrupt the present opaque and sub-par expertise that plagues the business as we speak. It’s encouraging to see the early progress, the sustainable enterprise mannequin and most significantly, the client delight they’ve delivered – and we stay up for their continued enlargement.”