Interior designing brand, Bonito Designs, has raised $6.3 million in pre-Series A round funding led by Tomorrow Capital, a $100 million early-stage strategic investment fund.
Bonito Designs will use the fresh capital to extend its operations, ramp up production and invest in R&D to build processes and delivery know-how. The company aims to raise $15 million in Series A funding by the end of next year.
“We want to make our designs accessible to a larger audience who currently have minimal options from the services offered by the unorganised players. Our vision is simple — providing designer home solutions to customers as per their preferences and requirements and more. This funding will help us realise our dream and strengthen Bonito’s foothold in the industry. Thanks to Tomorrow Capital, we have more firepower to improve our digital infrastructure and expand our product base,” said Sameer AM, founder and CEO of Bonito Designs.
The company offers bespoke interior design services across the country and executes turnkey projects for new homes in Bengaluru and Hyderabad. The company caters to both luxury and budget homes. It has designed 1,200 homes and completed 800 homes primarily in Bengaluru with a few projects in Hyderabad and Kashmir too. The company is clocking ₹14 lakh – ₹15 lakh in average order value at present and takes between75 days (for 2bhk homes) and 120 days (villas, 3bhk homes) to deliver a project to customers.
Pointing out that interior designer market in India is unorganised in most parts, , Sameer said that with new-age customers looking for quality designs, the demand for organised companies like Bonito is on the rise. While Bengaluru will be its initial focus, the company is also eyeing markets in othercities such as Mumbai, Pune and Hyderabad.
Rohini Prakash, CEO of Tomorrow Capital, said that Bonito Designs uses a process-driven delivery model to provide unique design solutions. She said, “The brand’s philosophy – ‘everyone deserves a designer home’ is what caught our attention. We are confident that their focus on design and customer-centric approach will help them become the undisputed leader in the interior designing landscape of India.”