Workspace interiors startup OfficeBanao has secured $6 million in all-equity seed funding. According to media reports, the startup nabbed a fresh infusion of capital from multi-stage VC fund Lightspeed on Tuesday to keep on the impressive traction it has gained, in the highly competitive workspace interior market in India.
“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,” said Rahul Taneja, partner, of Lightspeed, in a prepared statement. “With a depth of experience and 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,” he added.
“The sector is unorganized, opaque and so under-served, that we believe only a tech-led approach can help deliver a delightful experience to workspace owners,” said Tushar Mittal, founder, and CEO of OfficeBanao. “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.”
The firm will deploy the fresh infusion of funds towards inducting fresh blood, and increase its headcount from 110 to 250-300 by the end of the year. According to media reports, the larger headcount will enable the startup – which offers a workspace interiors platform to businesses across the country – to create a solid tech-driven foundation in order to better meet the demand for its services. It also looks to strengthen its platform across both tech and teams, specifically in design and growth capabilities.
Founded by Mittal in January 2022 (along with Akshya Kumar and Divyanshu Sharma, who are currently serving as the firm’s CTO and CBO and CPO respectively), OfficeBanao currently revolutionizes the office development experience using technology with an end-to-end solution across stages of design, procurement, and execution. It leverages tech such as AI, 3D walkthroughs, product selections with multiple options, and real-time collaboration to generate designs that resonate with customers, and enables them to make decisions quicker. This ensures a seamless experience for service providers and greater efficiency for clients.
Headquartered in Gurugram, OfficeBanao brings architects, contractors, designers, material suppliers, and office furniture providers under its aegis to cater to a diverse range of commercial interiors and to businesses of all sizes. Today, it has customers in more than 15 cities, including in some of the untapped Tier-II cities in India.
