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Wednesday, July 24, 2024

Lightspeed fuels Indian workspace interiors platform OfficeBanao with 6M funding

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 shoppers to attain their desired outcomes. Moreover, many of those established companies primarily goal massive firms, providing solely partial options that depart clients searching for 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 underneath one umbrella, streamlining the method for shoppers. Catering to a various vary of business interiors, the startup covers all phases of design, procurement, and execution for initiatives that span from modest $12,200 workplace areas to sprawling $610,000 designs and past.

Moreover, OfficeBanao is utilizing newer know-how 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 shoppers but additionally ensures a seamless expertise for service suppliers.

Traditionally, workspace inside suppliers have turned to instruments reminiscent of AutoCAD, 3ds Max and even Excel spreadsheets to handle their operations. OfficeBanao is taking a stab at it by 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 revolutionary know-how layer that integrates seamlessly with AutoCAD to grant shoppers simple entry and a proprietary 3D answer 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 shoppers at real-estate developer DLF and inside design agency SKV. The founders’ expertise and know-how concerning the market have helped convey a aggressive edge to the startup towards the competitors, they are saying.

“There’s a large demand… however the one downside is it’s not vertically built-in anyplace. So, individuals are going right here and there and never getting a one-stop answer,” he stated whereas answering how OfficeBanao stands in another way.

The extent of transparency the startup presents to its shoppers and provide chain additionally makes it completely different from the opposite gamers available in the market, he added.

OfficeBanao at present has clients in additional than 15 cities, together with in among the untapped tier-2 cities of the nation. Over the subsequent few months, the startup is seeking to develop to the highest 25 markets. It additionally leverages platforms reminiscent of LinkedIn and Instagram to draw new clients in numerous markets.

The startup plans to deploy the all-equity seed funding and partnership from Lightspeed India Enterprise Companions to develop its headcount from the present 110 to 250-300 individuals by the tip of the yr to create a stable technology-driven basis and higher meet the demand.

Mittal instructed 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 associate with them and are excited to see how they rework this market,” stated Rahul Taneja, associate, Lightspeed, in a ready assertion.

“With depth of expertise and provider community, the staff is finest positioned to disrupt the prevailing opaque and sub-par expertise that plagues the business at the moment. It’s encouraging to see the early progress, the sustainable enterprise mannequin and most significantly, the client delight they’ve delivered – and we look ahead to their continued enlargement.”

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