Furnitune Forays Into End-To-End Schematic Design Services At Doorstep, To Cross Rs.750 Million Topline Mark During Fy2022 As Demand Booms
For the first time in India, Mumbai-based retail-as-a-service décor company, Furnitune has introduced an end-to-end design mood board or schematic design service for customers at their doorstep. Targeted towards middle and mass premium segments, the company is eyeing revenue of Rs.750 million this fiscal, rising above its own projected target for next year, thanks to the better-than-expected economic revival and the subsequent upbeat market demand during the first half of the year.
Innovation Modular System Private Limited (IMSPL) was launched in 2009 as a B2B speciality furniture manufacturing company. It specialized in high-quality joinery products, including kitchen cabinets, wardrobes, bathroom vanities, bookcases, TV cabinets and home cabinetry. In 2021, brand Furnitune was founded as part of IMSPL’s brand extension into the B2C segment.
Furnitune, the go-to interior design firm recently introduced its end-to-end design mood board or schematic design service to help customers ideate, brainstorm effectively, envision design plans, and gauge how their dream home would look within their budget.
A pioneer in well-designed and fully personalized décor service provider, Furnitune offers ergonomically fabricated modern-day furnishing that accentuates unique and sustainable furniture designs. Today, when the industry is starving of modernization, Furnitune’s schematic service provides a comprehensive doorstep personalized 3D visual mood board architectural modeling service that offers a degree of realism in layout and furniture design.
Leveraging cutting-edge intelligent execution to make a hassle-free experience, Furnitune’s 3D schematic designs are equipped to envisage and map out precise settings and elements in each furniture design in every space, besides offering architectural details. It demonstrates a design presentation that fits the elegance and timeline of every customer, along with the budget sheet. This helps in mitigating all guess works out of interior decoration.
While others typically take up to three to four months to dispense any non-customized fabricated home décor products and five-plus months for custom products, Furnitune has the proven expertise to manufacture and fabricate a customized product in less than two months. The company does not follow the one-size-fits-all approach but offers tailored options to customize furnishing items in terms of material, size, shape, and texture. It provides the deepest level of customization in the Indian market with the fastest turnaround time.
“Although the second wave was unendurable in terms of economic loss, optional spending was still on the rise as the economy wasn’t shut during the second wave. This helped our topline surpass Rs 340 million during H1FY22, as against Rs. 230 million in FY21, and about Rs. 120 million in H1FY21, which was emaciated by the pandemic. Going by the massive demand, we are certain that we’ll be able to touch the Rs. 750 million revenue milestone, this fiscal as our demands, is over and above the pre-pandemic level,” said Mr. Meraj Ahmed, Founder, and CEO, Furnitune.
On the sales front during H1FY22, Furnitune sold about 50,000 furniture units worth over Rs. 340 million, which is more than 60 percent higher than FY2021. On the profitability side, Mr. Ahmed said Furnitune makes around 15-18 percent gross margin year-on-year. While its retail expansion in Mumbai and Thane is underway, the manufacturing capacity addition at its Thane plant is on track. The Thane plant will have over 8,000 functionality-driven products.
Furnitune would be setting up xxx standalone stores in the next three years in Mumbai, Thane, Navi Mumbai, and Pune, besides eight to 10 leading metros across India. The company plans to invest Rs. 1,000 million in next three years, primarily to set up multi-city retail outlets, with each store expected to be admeasuring around 4,000-10,000 square feet.
Mr. Ahmed said the projected revenue would include sales accrued from the central, northern, and eastern markets. On Capex, he said the company has plans to invest Rs 900-1000- million to augment its manufacturing capacity and set up about 20 retail showrooms in the next 2-3 years. The on-demand custom furnishing company, which operates under the label of Furnitune has over 60,000 customers.