How Flipspaces is powering its technology suite to redefine the future of commercial interior design
Flipspaces is a technology-based interior design start-up providing end-to-end office interior design solutions from concept to closing. The company boasts of being the first global design technology company to transform the commercial interior design industry with its proprietary technology suite fueling the discovery, design and delivery of space.
Flipspaces: The Pioneer of the Age of Interior Design Technology
Flipspaces is a virtual reality and technology-based design and contracting company that aims to disrupt the way consumers design and execute the interiors of their spaces. It is the only online Indian platform for the discovery of commercial interior products. The company provides all design, procurement and PMC services under one roof! It provides a single point of contact and allows you to transform the look of your office space effectively.
The start-up believes its technology-driven approach gives it a competitive edge in the market. Once they have carried out an analysis of their clients’ needs, they support them in the 3D design and virtual design of their spaces. At this stage, clients are in charge of the designs created for their space and through their virtual reality to have an overview of their future offices created on the basis of their needs as well as the expertise and the technological suite. of the company. It gives you a virtual reality tour of what the finished office space would look like and is followed by the next step in project execution. From planning to offering end-to-end solutions, the firm designs tailor-made offices for its clients in just 8 weeks!
Flipspaces’ resilient approach to surviving the pandemic
As industries around the world struggled to survive the pandemic-induced crisis, the business also experienced a downturn. But he was resilient enough to seek growth opportunities during such a turbulent time. Office spaces during this time have shifted from paperwork to cloud storage and embraced the paperless route. Flipspaces used this time to embrace digital adoption and focused on technology with a dual purpose.
The first was to make their technology suite more complete to facilitate internal efficiency and scalability in the area of ââcommercial interior design and construction. What is indeed remarkable is the fact that Flipspaces Design and Build’s revenue in the US has increased 25-fold in terms of revenue from T1-FY20 to T1-FY-21 backed by technology. Second, from its in-house technical suite, the leading commercial interior design and construction company launched VIZSTORE, which is the first SAAS product for third-party furniture and furnishings brands and retailers. Powered by gamification and virtual reality, it allows customers to navigate the virtualized showroom environment. This offer was well received by the market and was widely used and validated as part of an internal technical suite. More than 300 brands and retailers have already used the technology since the first phase of its deployment.
After the second wave, the technology design and build market was fast enough to rebound in the second quarter of this year. It has $ 10 million in design and build mandates at a jibe level across India and the United States. The company is now trying to cope with the new normal in the post-pandemic period and shares that it continues to acquire new business due to its strong brand loyalty and relationship with its customer base. Various start-ups and well-known brands such as Bharatpe, Nobroker, Openmoney, Indwealth, Gaana and Addverb have recently been added to the company family.
The journey from its creation to the leading player in the field of design and commercial construction
The founders realized that customers must suffer greatly due to broken experiences with other stakeholders, namely builders, brokers, product suppliers and contractors due to the lack of a platform. consolidated technology. Therefore, they started Flipspaces with the goal of filling this gap in the market and introducing a business that would help connect design visualization, product supply chain and execution management backed by the technology.
Since its creation in 2015, the start-up has grown exponentially in a short period of time. It is now recognized for its technology-driven approach and has achieved the leading position in the commercial design and construction industry. It now boasts a strong global presence with dedicated offices in Mumbai, Bangalore and more recently in Boston.
So far, Flipspaces has executed various projects and transformed over 5 million square feet of retail space for renowned companies in the areas of corporate, startups, multinationals, retail brands and SMEs. . The company’s renowned customer base includes Bosch, The Time Of India Group, Aditya Birla Group, Larsen & Toubro, NoBroker, News Corp, Regus, Coverfox.com, Indus, IND Wealth, etc. to name a few.
In addition, the company has also harnessed the power of advanced technologies to facilitate partnerships with renowned retail space owners and developers, for example Lodha, Godrej, TATA Realty, Mahagun, Brigade, Salarpuria Sattva, Paras Buildtech, MMR Group, HM Constructions, for over 1.5 million total square footage through various commercial real estate projects that creates a future business funnel ready for technology-driven design and construction of over $ 50 million.
The future Flipspaces roadmap
Expressing his thoughts on the current scenario and the future landscape of the industry, Kunal Sharma – Founder and CEO of Flipspaces noted, “There has been a steady recovery in demand from the commercial real estate industry after the pandemic, which has also accelerated the recovery of the commercial interior design segment. Commercial interior design segment expected to reach record high with combined market size for India and US estimated at $ 120 billion by 2023. “
Sharing Flipspaces’ growth and future plans, Kunal adds: “When it comes to Flipspaces, we’re on our way to becoming a market-defining company. Supported by our Technical Suite for Interior Design, our US vertical has shown 25X growth over the past 4 quarters and is now profitable at EBITDA level. On the other hand, VIZSTORE is experiencing significant growth among furniture and furnishings brands, retailers and SMEs. Overall, the future of Flipspaces looks gradual and we aim to earn $ 10 million in business over the next 6 months in India and the US.“
Given that the startup’s inorganic growth in the United States has been significant, the company now expects to increase the U.S. business five-fold from the first half of the year to the second half of this year. Flipspaces is also focused on expanding its team and geographic footprints to maintain strong margin profiles.
It recently received total funding of $ 4.5 million (Series A and Pre-Series B) from investors such as Carpediem Capital, a consortium led by Prashasta Seth (ex-CEO IIFL AMC and founder of Prudent Investment Managers). With this funding raised, Flipspaces plans to allocate the funds to stimulate its vertical growth in the United States. In addition, the start-up will also use this capital for the move upmarket of VIZSTORE and the strengthening of the technological strategy for the acceleration of the activity.
Flipspaces is a unique market-defining company with a two-pronged revenue model of designing and building a tech-driven start-up and delivering a SAAS-based product, VIZSTORE. With VIZWORLD, Flipspaces’ proprietary technology suite, the company looks forward to creating an integrated technology engine that creates efficiency and customer enjoyment every step of the way. Overall, it works for the sole purpose of democratizing the commercial design and construction industry by harnessing the potential of new age technologies!