The company’s revenue for the current financial year is estimated to be over Rs.275 crore while turning positive at EBITDA level and is on track to conclude the year with $100 million Annual Rate of Revenue (ARR).
Lodha Ventures-backed interior brand Bonito Designs has roped in Gauri Khan and fashion designer Manish Malhotra to provide home styling to customers, is aiming to clock over Rs.1,100 crore revenue in the next two years backed by the robust demand for its services, said a top company official.
The company’s revenue for the current financial year is estimated to be over Rs 275 crore while turning positive at EBITDA level and is on track to conclude the year with $100 million Annual Rate of Revenue (ARR).
“Home design market in India is underserved and very fragmented despite the rise in income levels and exposure to global standards. The nearly four-times growth in our revenue in the next two years will be supported by expansion, brand alliances and deeper penetration in existing markets,” Amit Parsuramka, CEO, Bonito Designs, told ET. The country’s largest full-home-only interior design company is looking to expand to Pune, Hyderabad, and the National Capital Region (NCR) in addition to its existing presence in Mumbai Metropolitan Region (MMR) and Bangalore during this period. It is working on plans to turn into a multi-city company with more brands and technology development.
Lodha ventures’ venture capital arm Tomorrow Capital made its first investment in Bonito Designs in 2019. It has invested over Rs 120 crores so far in the design firm and owns over 72% of the company.
Currently, the company operates four experience centers in Mumbai and Bangalore, and has, till date delivered homes spanning across 4 million sq ft. It will have delivered 4,000 full homes, equivalent to 3 million sq ft area, by the end of 2023-2024.
“We are also exploring alliances and tie-ups with real estate developers across key property markets and that is also expected to push the volumes higher,” Parsuramka said.
Bonito Designs works with celebrity designers to co-create designs with personalization. Last year, the brand brought on board Gauri Khan and Manish Malhotra in a bid to curate bespoke homes for its customers.
“This alliance with celebrity designers has helped Bonito Designs become the second largest interior firm within a month of the launch in the country’s biggest property market of Mumbai,” Parsuramka added.
In the next two years, Bonito Designs’ investments will focus on data-driven customer Insights, brand building and forging a deeper customer connect by building customer funnels, and integrating latest technology platforms.
The brands efforts are focused on changing consumer behaviours, new market trends and to educate the customer using content marketing. According to a recent report, the home design and interior market in India were estimated to be $23.2 billion in 2020 and is projected to clock $38.2 billion by 2027 registering a compounded annual growth rate (CAGR) of 7.4%. Courtesy: https://realty.economictimes.indiatimes.com/news/