Flipspaces is a technology-driven interior design startup that provides end-to-end office interior design solutions from design to closure. The company is proud to be the first global design technology project transforming the commercial interior design industry through its proprietary technology suite that supports the discovery, design and delivery of space.
Flipspaces: Pioneer of the Era of Interior Design
Flipspaces is a virtual reality-based design and contracting project that aims to disrupt the way consumers design and implement the interiors of their spaces. It is the only online platform available in India to discover commercial in-house products. The company offers all design, contracting and PMC services under one roof! It provides a single point of contact and enables you to change the look of your office in an efficient manner.
The startup believes that its technology-driven approach gives it a competitive advantage in the marketplace. Once they conduct an analysis of their clients’ requirements, they take them through the 3D design and virtual design of their spaces. At this point, clients are responsible for the designs created for their space and through their virtual reality to have an overview of their future offices built based on their requirements as well as the company’s expertise and technology suite. It gives you a VR tour of what the final office space will look like and is followed by the next phase of project implementation. From planning to providing end-to-end solutions, the company designs bespoke offices for its clients in just an 8-week schedule!
A flexible and flexible approach to surviving the epidemic
While industries around the world have been struggling to survive the crisis caused by the pandemic, the company has also experienced a recession. But she has been resilient enough to look for growth opportunities in such turbulent times. Office space during this time moved from paper-based to cloud storage and adopted the paperless path. This time around, Flipspace has taken advantage of digital adoption and has shifted its focus to technology with a two-pronged goal.
The first is to make their technology suite more comprehensive to facilitate in-house efficiency and scale up commercial interior design and building domain. What’s really noteworthy is the fact that Flipspaces’ US design and build revenue grew 25 times in terms of revenue, from Q1 FY20 to Q1 FY21, powered by technology. Second, from the in-house technology group, the leading commercial interior design and construction firm launched VIZSTORE which is SAAS’ premiere product for third-party furniture and furnishings, brands and retailers. Powered by manipulation and virtual reality, it allows customers to walk in a virtual showroom environment. This offering was well received by the market and was widely used and validated as part of the in-house technology suite. More than 300 brands and retailers have already been using the technology since its initial rollout.
After the second wave, the technology-assisted design and construction market was geared enough to rebound in the second quarter of this year. It has $10 million in design and build commissions at the referral level across India and the United States. The company is now trying to adapt to the new normal in post-pandemic times and shares that it continues to gain new business due to its strong brand loyalty and relationship with its customers. Several well-known startups and brands such as Bharatpe, Nobroker, Openmoney, Indwealth, Gaana and Addverb have recently been added to the company family.
The journey from its inception to the leading player in commercial design and construction
The founders recognized that customers must suffer greatly due to disruptive experiences with other stakeholders, such as builders, brokers, product suppliers, and contractors due to the lack of a single unified technology platform. Hence, they launched Flipspaces with the aim of filling this gap in the market and presenting a project that would help connect design conception, product supply chain and technology-enabled implementation management.
Since its inception in 2015, the startup has experienced massive growth within a short period of time. It is now known for its technology-driven approach and has gained a leading position in the commercial design and construction industry. It now boasts a strong global presence with dedicated offices in Mumbai, Bangalore and most recently, Boston.
To date, Flipspaces has implemented numerous projects and transformed over 5 million square feet of commercial space for popular companies across the domains of corporate, startups, multinationals, retail brands and SMEs. The company’s notable clients include Bosch, The Time Of India Group, Aditya Birla Group, Larsen & Toubro, NoBroker, News Corp, Regus, Coverfox.com, Indus, IND Wealth and others to name a few.
In addition, the company has also harnessed the power of advanced technologies to facilitate partnerships with owners and developers of authentic commercial spaces such as Lodha, Godrej, TATA Realty, Mahagun, Brigade, Salarpuria Sattva, Paras Buildtech, MMR Group and HM Constructions, over 1.5 million square feet of space. Total across various commercial real estate projects creating a future-ready business path for technology-led design and construction over $50 million.
Flipspaces future roadmap
Expressing his thoughts on the current scenario of the industry and the future landscape, Kunal Sharma – Founder and CEO of Flipspaces He said, “There has been a steady recovery in demand from the commercial real estate industry after the pandemic which has accelerated the recovery of the commercial interior design sector as well. The commercial interior design sector is expected to reach an all-time high, with the combined market size of India and the US estimated at $120 billion by 2023.. “
Speaking about Flipspaces’ growth and future plans, Kunal adds, “As far as Flipspaces is concerned, we are on the cusp of emerging as a market specific project. Powered by our interior design technology group, our US segment has shown 25x growth in the past four quarters and is now profitable on an EBITDA level. On the other hand, VIZSTORE is experiencing significant growth among furniture and furnishing brands, retailers and SMEs. Overall, the future of Flipspaces looks progressive as we aim to generate $10 million in business in the next six months in India and the United States.“
Given that the inorganic growth of the US startup has been significant, the company now hopes to grow the US business 5X from the second half into the second half of this year. Flipspaces is also focused on expanding its team and geographic footprint to maintain strong margin profiles.
It recently received $4.5 million in total funding (Series A and Pre-Series B) from investors such as Carpediem Capital, a consortium led by Prashasta Seth (former IIFL AMC CEO and founder of Prudent Investment Managers). With this increased funding, Flipspaces plans to allocate funds to drive its vertical growth in the United States. In addition, the startup will also use this capital to expand VIZSTORE’s reach and further its technology strategy to accelerate business.
Flipspaces is a unique market-defining project with a two-pronged revenue model for being a tech design, building a startup and offering a SAAS based product, VIZSTORE. With VIZWORLD, the proprietary technology group within Flipspaces, the company is looking to create a single integrated technology engine that creates efficiency and delights customers at every step of the process. Overall, it works with the sole aim of democratizing commercial design and building industry by utilizing the potential of new age technologies!
.