FlipSpaces earns $1 mn revenue by selling VR-based interior designing solutions

MUMBAI: A young Mumbai-headquartered startup by IIT alumni and few gaming experts called FlipSpaces has announced that the company in just three months has successfully generated revenue worth $1 million without any seed funding. FlipSpaces is pioneering the concept of Virtual Reality for Interior Designing in India and the venture has been able to gain this traction without any external aid or funding according to its core team.

FlipSpaces is a brainchild of Gloob Interior Design, a four-year-old Interior Design Venture by entrepreneurs with the pedigree of IIT and successful ventures behind them. Gloob has a majority market share in startup market in Mumbai and Bengaluru and is a fast growing Interior Design and Contracting Venture in the Startup and MSME segment.

FlipSpaces enables people to visualize how products they are seeking to buy for their home or office look like in virtual environment similar to their own. FlipSpaces aims at being a major change catalyst in redefining the product buying experience in Office/Home décor & improvement section. It gamifies the interior designing experience for the consumer putting the control of interior-design in the hands of the consumer,” said Kunal Sharma, Founder-Director, FlipSpaces Technology.

To answer how the venture has been able to achieve the revenue target without external funding, “Ritesh Ranjan and Prafful Sahu, Partner and Head of Technology say, “We believed right from the start in going against the tide and making our end consumers our funders. We are in a market of high ticket transactions and it was just about making a product which could truly address the pain points of the enterprise consumer. If you have a powerful idea you can generate good business without funding too. All you have to do is, prove your mettle and revenue follows automatically.”

“FlipSpaces currently targets technology led interior design and execution for the office real estate which alone is an estimated $ 3 billion plus market in India with eyes on the residential and hospitality interiors market in the future,” said Vikash Anand, Director Sales and Marketing.

“FlipSpaces’ Virtual Reality Application was a key decision influencer in choosing FlipSpaces as our Interior Design Partner to create a truly world class office,” said Rajan Parasuraman, Managing Director, GyanMatrix.

Smeet Gala, Founder, CEO Workamp, an emerging co-working space in Mumbai added, "Office design by FlipSpaces and Gloob was great for a co-working concept. They worked on the psyche of a potential co-worker and helped design spaces that could promote collaboration in spaces which has worked out really well for us. In the first 25 members itself we are looking at member companies doing business with each other. A general feedback has also been about the space infusing creativity and helping each co-worker to increase their productivity of work while working from WorkAmp."

FlipSpaces allows users to choose from over a lakh of products and a mind boggling trillion room environments on a floor plate which is a replica of their office or home. The application can generate photorealistic images of spaces at a speed which is 500 times faster than any other used applications in the domain. Interior products and services chosen by users through the application are supplied and sourced from own manufacturing unit and a curated set of service and product vendors allowing for process driven scale. FlipSpaces also allows users to generate the exact cost-estimate for services and products chosen by them real-time thus letting them have a check on their budget. This also helps do away with the huge physical catalogues, which décor companies have to handle.

The web based application is designed exclusively for home/office décor market targeting new office buyers and tenants, developers, architect and interior designers among other industry players. It can also emerge as a strong platform for all vendors, suppliers and other major stake-holders in home décor industry.

The venture is looking to generate $15 million in a year in terms of gross revenues and is on its way to announcing tie ups with major builders and industry leaders towards VR-Led Design and Execution.