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Lightspeed, a leading multi-stage venture capital fund has invested $6 million in seed funding in OfficeBanao, a workspace interiors startup. It transforms the entire office development experience using technology with an end-to-end solution across stages of design, procurement, and execution. The company aims to leverage the capital and partnership to strengthen its platform across both technology and team, specifically in design and growth capabilities.
Founded in January 2022 by Tushar Mittal, and co-founded by Akshya Kumar, and Divyanshu Sharma, OfficeBanao is a platform for designers, architects, contractors, office furniture, and material suppliers providing an entire array of commercial interiors. It works on small office projects of Rs 10 lakh to large offices and enterprises, as high as Rs 5 crore and more. OfficeBanao is already present in more than 15 cities across the country in a short span of time. It is focused on enabling small business owners and start-ups in their quest for productive and aesthetic workspaces.
“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, 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.”
Over the next few months, the start-up will also focus on establishing a deeper on-ground presence in the top 25 markets. It would cater to customers from small-mid-sized businesses to large enterprises. It would invest in customer success and a strong ecosystem of execution partners, empowering them with technology, procurement and processes.
“OfficeBanao is committed to making a meaningful difference in how workspaces are developed in India,” said Rahul Taneja, Partner, Lightspeed. “With the 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.”
OfficeBanao said designs that would previously take three weeks, can now be done in a day with an interactive visual design process and linked visibility of costs and budgets. This makes the journey seamless for customers and service providers alike. With the help of OfficeBanao and his experience, Tushar Mittal now wants to empower entrepreneurs in the office interior ecosystem across a multitude of service offerings and geographies.
