OfficeBanao, an Indian startup that provides a platform for workspace interiors to companies in the country, has raised $6 million in seed funding led by Lightspeed.
In India’s competitive workspace interiors market, traditional providers have long dominated the landscape, often requiring a substantial investment of time and resources for clients to achieve the desired results. Additionally, many of these established companies primarily target large corporations and offer only partial solutions leaving clients seeking third-party assistance in fully designing their new or existing office spaces. OfficeBanao is challenging this status quo with its comprehensive, end-to-end service, featuring an interactive visual design process tailored to businesses of all sizes, from small and medium-sized businesses to ambitious startups and established giants.
The Gurugram-based startup’s platform brings together architects, contractors, designers, material suppliers, and even office furniture suppliers under one umbrella, streamlining the process for clients. Serving a wide range of commercial interiors, the startup covers all stages of design, procurement and execution of projects ranging from modest $12,200 office spaces to sprawling $610,000 designs and beyond.
Also, OfficeBanao is using newer technology to advance the interior design process for workspaces. By accelerating compliance with design requirements and streamlining operations, the platform not only delivers greater efficiencies for customers, but also ensures a seamless experience for service providers.
Historically, workspace interior providers have turned to tools like AutoCAD, 3ds Max, and even Excel spreadsheets to manage their operations. OfficeBanao is trying it through a technology suite that raises the industry standard, says the startup. This suite features an Enterprise Resource Planning (ERP) system that replaces the traditional use of spreadsheets, a layer of innovative technology that integrates seamlessly with AutoCAD to give customers direct access, and a proprietary 3D solution. able to preview an amazing 10,000 options for boardrooms or huddle spaces in just seconds, OfficeBanao co-founder and CEO Tushar Mittal said in an interview.
Mittal co-founded OfficeBanao in January 2022 with Akshya Kumar (CTO) and Divyanshu Sharma (CBO and CPO) after spending years in the industry designing and building workspaces for multinational clients at real estate developer DLF and interior design firm SKV. . The founders’ experience and market knowledge have helped give the startup a competitive advantage over the competition, they say.
“There’s a lot of demand… but the only problem is that it’s not vertically integrated anywhere. So people go from here to there and don’t get a comprehensive solution,” he said in answering how OfficeBanao is different.
The level of transparency that the startup offers to its customers and supply chain also sets it apart from other players in the market, he added.
OfficeBanao currently has customers in more than 15 cities, including some of the untapped Tier 2 cities in the country. In the coming months, the startup is looking to expand into the top 25 markets. It also leverages platforms like LinkedIn and Instagram to attract new customers in different markets.
The startup plans to implement seed funding and a full equity partnership from Lightspeed India Venture Partners to expand its workforce from the current 110 to 250-300 people by the end of the year to create a strong technology-driven foundation and better meet demand. .
Mittal told TechCrunch that OfficeBanao has a revenue run rate of around $5 million per quarter and is getting better every quarter. Commissioning was all boot up so far.
“OfficeBanao is a mission-driven company, committed to making a significant difference in the way workspaces are developed in India. We are delighted to partner with them and excited to see how they transform this market,” Rahul Taneja, a partner at Lightspeed, said in a prepared statement.
“With a wealth of experience and a network of vendors, the team is in the best position to disrupt the lackluster and poor experience plaguing the industry today. It is encouraging to see the initial progress, sustainable business model and most importantly the customer satisfaction they have delivered, and we look forward to their continued expansion.”
