Bonito Designs eyes USD 100 million revenue in FY23; ropes in Gauri Khan and Manish Malhotra
Interior design company Bonito Designs aims to cross USD 100 million around Rs 798 crore revenue by the end of FY23 and has roped in Gauri Khan and Manish Malhotra to design bespoke homes.The company registered 20 per cent month-on-month growth on the back of a well thought-out expansion strategy.
Interior design company Bonito Designs aims to cross USD 100 million (around Rs 798 crore) revenue by the end of FY23 and has roped in Gauri Khan and Manish Malhotra to design bespoke homes.
''The company registered 20 per cent month-on-month growth on the back of a well thought-out expansion strategy. The brand has witnessed 3 times growth over the past year supplemented by its experience hubs across Bengaluru and Mumbai,'' the Bengaluru-based firm said in a statement.
Bonito Designs pre-launched its services in Mumbai recently and within a month it became the second largest organised player in the city.
''The company has more than doubled its ARR (Annual Recurring Revenue) and is on the path to cross USD 100 million ARR with an EBITDA by the end of FY 2022-23,'' it said.
The company plans to enter Pune, Hyderabad, NCR and Chennai in the next 18 months. It currently has operations and experience centres in Bengaluru and Mumbai.
It has also roped in ace interior designer Gauri Khan and celebrity couturier Manish Malhotra to curate bespoke homes for its customers.
Bonito Designs CEO Amit Parsuramka said: ''Bonito is on a mission to be India's largest and most coveted home interior design brand by 2025. We have demonstrated fast growth and remained profitable. In order to build an interior design brand that goes beyond designs and aesthetics offering pride, design expertise and excellence, we are delighted to collaborate with Gauri Khan and Manish Malhotra to help our customers experience celebrity living.'' This will further strengthen our value proposition and brand promise, he added.
The home design and interior market in India were estimated to be USD 23.2 billion in 2020 and is projected to clock USD 38.2 billion by 2027, registering a compound annual growth rate of 7.4 per cent, said Bonito Designs.
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