Comments
OfficeBanao, an office interiors company, has raised $6 million in seed funding from Lightspeed, a multi-stage venture capital fund.
The company aims to leverage the capital and partnership to strengthen its platform across both technology and team, specifically in design and growth capabilities. Founded in January 2022 by Tushar Mittal, and co-founded by Akshya Kumar and Divyanshu Sharma, OfficeBanao is a platform for designers, architects, contractors, office furniture, and material suppliers providing an array of commercial interiors, starting from small office projects at ₹10 lakh to large offices and enterprises, as high as ₹5 crore and more.
Also read: Start-up fundraising to rebound rapidly, says RBI Bulletin
OfficeBanao is present in more than 15 cities across the country and is focused on enabling small business owners and start-ups in their quest for productive and aesthetic workspaces. “We’re thrilled to have Lightspeed as a partner early in our journey. Given our prior experience in the space, we observed that the experience of designing and developing an office, especially for a small-mid-sized business is far from ideal. The sector is unorganised, opaque, and so underserved, that we believe only a tech-led approach can help deliver a delightful experience to workspace owners. Our belief is that with investment in technology, supplier ecosystem, product platform, and a great team, we can build a very large and very profitable venture, as we have demonstrated in the past”, said Tushar Mittal, Founder and CEO, OfficeBanao.
Over the next few months, the start-up will also focus on establishing a deeper on-ground presence in the top 25 markets, catering to customers from small-mid-sized businesses to large enterprises, and investing in customer success and an ecosystem of execution partners.
Also read: Livspace forays into commercial interior design with Livspace for Business
Adding to this, Rahul Taneja, Partner, Lightspeed, said, “OfficeBanao is a mission-driven company, committed to making a meaningful difference in how workspaces are developed in India. We are delighted to partner with them and are excited to see how they transform this market. With a depth of experience and a supplier network, the team is best placed to disrupt the existing opaque and sub-par experience that plagues the industry today. It is encouraging to see the early progress, the sustainable business model and most importantly, the customer delight they have delivered – and we look forward to their continued expansion”.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.