To bring more offerings to the Indian market, Gurugram-based proptech startup, Square Yards, is developing a tech platform to create end-to-end home furnishing and interior design services, named Interior Company.
Square Yards Founder and CEO, Tanuj Shori, explained:
“We always had very strong demand for interior services from our existing ecosystem of real estate customers, some of the country’s top developers, and a 200,000+ strong broker network. We decided to build this capability in-house with the same ethos and building blocks of a startup like Square Yards.”
Interior Company has set up offices in Mumbai, Bengaluru, and Delhi-NCR, with plans to expand across the country and into the Middle East.
Tanuj said that the beta, which is only two months old, has already seen $0.5 million in monthly revenue. The CEO claims the platform has some very strong vendor partnerships and is expected to be a challenger within the market in the next 12 months.
Tanuj said in a LinkedIn post:
“Full-stack journey on Square Yards strengthens with the addition of interiors and home furnishing segment. A massive opportunity in a very fragmented space and with our synergistic businesses, we believe we will become one of the category leaders over the next 12-18 months.”
Interior Company will focus on new home buyers who are looking for beautiful property for an affordable price. The company released a statement that said it is looking to standardize pre-furnished inventory for top developer projects in major cities across India.
To further elevate its offerings, Square Yards is also investing in another proptech platform that will facilitate high-res 3D imaging of spaces using VR technology. This will allow home hunters a way to see a space before it is completed. Other features include auto-billing of materials, order and logistics management with vendors, and end-to-end designer suites.
Square Yards had a profitable 2020, seeing a yearly EBITDA margin up 14% amidst the global pandemic. The company saw revenue up 47%, year-over-year, and these new endeavors are surely going to keep those numbers on the rise.