Bonito Designs will expand its footprint to Pune and Hyderabad markets in FY 24-25
In FY 24-25, Bonito Designs plans to expand its operations to Pune and Hyderabad to repeat its unprecedented success story. This expansion will occur concurrently with the brand's ongoing efforts to strengthen its presence in the current markets, i.e., Mumbai and Bengaluru.
As the brand extends its reach, it is actively securing a fresh round of funding to support its growth. To date, it has raised over Rs 150 crore in capital.
"We plan to invest around Rs 50 crore for setting up new centers in Mumbai, Pune, and Hyderabad. We are looking at external funding primarily to fuel our growth and expansion," said Amit Parsuramka, CEO, Bonito Designs.
While taking up its expansion, according to the CEO, the company continues to maintain a focus on cost-effectiveness in customer acquisition and resource procurement, ensuring breakeven in existing markets.
Speaking about its expansion strategy, which also sees the brand eventually expand to NCR, and Chennai, Mr Parsuramka stated, "The market is huge, and we base our expansion calls on the real estate industry trends, and presently all the Tier 1 cities, or metro cities, cater to more than 65 per cent of the real estate supply. That said, we will focus on the five large cities before even entering Tier 2 cities."
"We closed FY23 with a topline of Rs 200 crore and is looking to generate a topline of around Rs 310 crore by the end of the current financial year. Further, with our multi-city expansion, we expect to touch around Rs 500 crore the next year," he added.
India's No 1. full homes only interior design brand usually caters to the working class, with an average project size of around Rs 15 lakh per project, with an aim to make celebrity designed homes affordable. Moreover, instead of taking a highly catalog-based approach, it believes in personalising it and concentrating on providing end-to-end full-home interior design services to its clients, and since its inception, it has handed over 5,500 homes across Mumbai and Bengaluru.
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