CXOToday has engaged in an exclusive interview with Mr. Amit Parsuramka, CEO Bonito Designs.
- Could you take us through the inception story of the brand – Bonito Designs – and your journey so far?
Bonito Designs was incepted by recognizing the real estate market boom, and relatively unorganized home interiors space in India. With an aim to cater specifically to homeowners aged 25 to 40, Bonito Designs offers personalized services from conceptualization to execution with a keen focus on affordability.
Bonito’s agenda was crystal clear to move away from a catalogue-based approach to a more cost effective and personalized design approach. This commitment to individuality and comprehensive service became the cornerstone for Bonito Designs as a brand.
Operated initially as a proprietary firm, we swiftly navigated to the valuation of around Rs. 10 crore and this pivotal moment came to us in 2018 when Tomorrow Capital, backed by Lodha Ventures and chaired by Abhinandan Lodha, invested in us. Then, the year 2019, we entirely focused on enhancing our business, customer experiences and investing in cutting-edge technology.
Back in peak of Covid wave 2, I joined Bonito Designs with the realization that the vast inventory of unsold real estate presents an immense opportunity for interior design industry, and this is the need for every house owner to get their home designed. Despite initial challenges posed by the pandemic, investors’ interest boosted our growth trajectory. From generating a top line of 38 to 40 crores in March-April 2021, we exited in March 2023 with a remarkable 200 crores in revenue, marking substantial year-on-year progress.
Our journey showcases our ability to adapt, innovate, and strategically position ourselves in the dynamic interior design market. Today, Bonito Designs has not only captured the markets of Bangalore and Mumbai but is poised for expansion.
- What is the brand vision of Bonito Designs and what are the specific business strategies aimed for 2024?
At Bonito, our vision is to provide an immersive experience to our customers by offering them bespoke designs in their schedule and budget. We always try to exceed our clients’ expectations with catering world class designs and services. In 2024, we are aiming to emphasize more on high-quality interiors that can help differentiate us from other competitors in the market and attract clients looking for unique and inspiring designs. Also, our business strategies involve streamlining internal processes, tapping the right set of real estate markets, boosting project management expertise and ensuring competent resource allocation that can improve productivity and enhance client satisfaction.
In the next upcoming months, we look forward to approaching a wider audience by reaching multi cities like Delhi NCR, Chennai, Pune and Hyderabad. This strategic move will help us to connect with more clients, markets and communities by delivering our exceptional interior design solutions to a broader demographic.
- How does Bonito Designs strike a balance between technology and personalized service to meet clients’ individual preferences and needs?
Technology drives the root of every business today. However, it’s significant to maintain a balance between technology and personalization when it comes to providing services to customers. At Bonito Designs, we maintain a delicate equilibrium between technology and personalized service by blending innovative tools with custom-made interactions. We do a thorough consultation and based on that, the designers understand the clients’ distinct tastes and requirements. Integration of technology like 3D rendering, AI and virtual reality gives an exposure to the design we want to implement and enhances their visualization, aiding them in decision-making. On digital collaboration platforms, we ensure continuous communication and keep clients engaged throughout the process. Therefore, by synchronizing these elements, the company delivers its bespoke design solutions that seamlessly blends technology and personalization.
- Role of technologies like AI and home automation into the interior design industry
AI is revolutionizing many industries today and interior design is no exception. The aesthetics of home décor are transformed by AI powered tools like machine learning algorithms that assist designers in creating virtual mock-ups and 3D models of interior spaces by offering imaginary layouts, colours, and furniture arrangements before any physical changes are made. These algorithms can analyse preferences, lifestyles, and habits of individuals to aptly implement them as per the customers’ tastes. Similarly, AI enhances smart home automation for homeowners to easily control their house lighting, temperature, and security. This sets the style and elegance of our homes. At Bonito Designs, we are working towards building the AI landscape in our designs and soon be implementing it on the forefront of our projects, enriching the user experience and setting new standards for innovation in interior design.
- How is the competitive landscape in the interior decor industry, especially regarding the organized and unorganized players?
We trust that the competitive landscape in the interior decor industry is evolving rapidly, with both organized and unorganized players vying for market share. Currently, organized players contribute less than 10% to the market, but this is evolving as the industry undergoes a significant shift towards organizations. Customers today want to trust the credible source only who can get their work done in their given timeframe, budget with elegance. Hence, organised sector is booming swiftly. Start-ups and established players like us are driving this change, with a focus to understand consumer needs. The market size in India is substantial which is estimated around 1 lakh crore and this shift towards organization is evident. Nevertheless, there is a significant potential for growth, with a strong demand driving the need for innovative solutions and customer-centric approaches that only organized players can do. Hence, as the industry continues to evolve, consolidation among organized players is expected to accelerate with fuelling professionalization within the sector.
- About the company’s target clients and its approach towards client relationships?
We are a customer first company and we position our customers at the center of decision-making. Our target clients are majorly the homeowners, and property developers where we seek aesthetic enhancement. We understand our client’s requirements and to approach them the best, we have an experienced team on board to provide them a very in-depth understanding of how the house will turnout. In addition, we want to provide a newness to our clients. Customers today aspire their homes to be stylish, elegant yet within their budgets. Hence, we collaborated with Gauri Khan and Manish Malhotra so that we provide the best designs from the corner of the world from the design luminaries.
