Lodha Ventures-backed interior brand Bonito Designs has roped Gauri Khan and fashion designer Manish Malhotra to provide home styling to customers aiming to clock over Rs 1,100 Crs revenue in the next two years backed by the robust demand for its services.
The company’s revenue for the current financial year is estimated to be over Rs 275 Crs while turning positive at EBITDA level and is on track to concluded the year with $100mn Annual Rate of Revenue (ARR).
“Home design market in India is unreserved and very fragmented despite the rise in income levels and exposure to global standards. The nearly four-times growth in our revenue in the next two years will be supported-by expansion, brand alliances and deeper penetration in existing markets,” Amit Parsuramka. CEO Bonito Designs.
The country’s largest full-home only interior design company is looking to expand to Pune, Hyderabad, and the NCR in addition to its existing presence in MMR and Bengaluru during this period. It is working on plans to turn into multi-city company with more brands and technology development.
Lodha Ventures’ venture capital arm Tomorrow Capital made its first investment in Bonito Design in 2019. It has invested over Rs 120 Crs so far in the design firm and owns over 72% of the company.
Currently the company operates four experience centres in Mumbai and Bengaluru and has till date delivered homes spanning across 4 mn sq ft. It will have delivered 4,000 full homes, equivalent to 3 mn sq ft area by the end of 2023 -2024.
“We are also exploring alliances and tie-ups with real-estate developers across key property markets and that is expected to push the volumes higher,” Parsuramka said. Bonito Designs works with celebrity designers to co-create designs with personalisation. Last year the brand brought on board Gauri Khan and Manish Malhotra in a bid to curate bespoke homes for its customers.