Behind the semblance of towering skyscrapers and contemporary designs lies a disintegrated world of interior design. The interior design and associated supply chains for products and services form a largely fragmented market with multitudes of small and medium businesses swamping the design and build landscape. As a result, there is no de facto brand to design and execute business mandates at a large scale. This leaves business owners having to deal separately with a slew of designers, suppliers and contractors.
Changing the course of the global interior design paradigm is Flipspaces- a virtual reality-powered commercial design and build venture. Leveraging their proprietary technology suite, Vizworld, Flipspaces envisions creating a global platform where interior designers, product and service suppliers can come together to deliver a seamless and differentiated experience to the customer looking to furnish their commercial space. Vizworld allows for significantly better control over cost, quality and timelines by integrating the entire supply chain onto one platform while creating a seamless scale.
Technology- a key enabler
The infusion of technology into the design and build landscape has enabled Flipspaces to reimagine an organised and unified interior design and build industry. Vizworld, Flipsaces’ proprietary technology suite comprises a product discovery platform, VR and gamification-enabled design visualiser and an integrated design and project management system. Besides streamlining the design and build process, the VR-based design and build venture also envision becoming the Integrated Operating System for the furniture and furnishing industry. The company has empanelled over 750 retail furnishing stores using Vizstore, a breakthrough technology that acts as a digital twin of retail stores.
“We truly believe that we have a product which can transform omnichannel commerce in the FnF
category. With our presence in India and US, and with an amalgamation of having critical skill sets which are deep domain expertise and understanding of technology, we are uniquely positioned to crack this complex problem and create a highly valuable SaaS business from Vizstore”, says Kunal Sharma Founder and CEO of Flipspaces.
Charting the Path to Global Dominion
Flipspaces enjoys a unique position in the design and build landscape owing to the size of mandates it executes across the globe and the gross margins it commands. Fundamentally robust unit economics has allowed the company to scale the business while remaining profitable even at the EBITDA level. As a tech-led commercial design and build leader, Flipsaces has a ticket size that is 10X of other Interior Design startups, a market size 8X of these players, with India and the US combined, and a more streamlined product and delivery ecosystem.
In an otherwise execution-heavy business, Flipsaces has been able to scale without compromising on time or quality because of the category it operates in and the supply chain and delivery mechanism it has developed to seamlessly operate at scale. Another key driver behind the growth of Flipspaces would be the repeat business that is generated from referrals which equates to around 60% of its current business, making it a highly preferred brand across startups, MSMEs & MNCs. The tech-led design and build startup boasts a long repertoire of repeat clients such as The Address, No Broker, Opulence, Times Group, Aditya Birla, InstaOffice, Nivea, Oppo, P& G, Reebok, Royal Enfield and Razorpay in India and the US.
Eyes on the Sky
Flipspaces has executed over 600 projects both in India and the US spanning over 6 million square feet. The design and build venture projects the revenue growth of around 2X at the end of FY22-23. Additionally, the company has grown 35X in the last 6 quarters in the US market.
Building on its strong growth momentum, Flipspaces aims to progress towards a future of interior design with engaging and inclusive customer journeys. With the help of its integrated technology stack, the company has the sole vision of becoming the biggest global design-tech brand by bringing the three disjointed aspects of design, product and delivery experience under one roof for its customers.
Flipsaces now has a fully operational business presence within the US where it has grown substantially and validated the same business thesis of organising the design and build of the small and medium-sized commercial floor plates globally. With its presence now spreading across the country, the company has further established a stronger foothold with its new office in New York. Additionally, the tech-led design and build venture has also started to hire local talent for various roles spread across the design and build sector. The company aims to strengthen its presence further in India and the US before its forays into other international markets.