Business design startup Flipspaces helps companies like Google restart their offices
The Coronavirus pandemic changed the way we live – and work. Most organizations closed their offices in March and asked employees to work from home. Now, as containment loosens and we prepare to return to work, the big question arises: Are our workplaces ready in the aftermath of COVID-19?
A recent survey by FYI, a Gurugram-based health technology product, in conjunction with marketing research firm MindMap Advance Research, found that 93 employees feared returning to their offices for fear of their health being compromised. The survey was conducted among 560 employees in Delhi-NCR, Mumbai and Bengaluru.
To allay the fears of employers and employees, commercial interior design startup Recently launched REBOOTSPACES, which offers products and services for ânew generationâ retail spaces.
The tech startup will focus on providing intuitive, empathetic and safe spaces. Integrated solutions take into account hygiene and sanitation, social distancing, contactless automation and home office solutions.
Pods designed by Flipspaces
The months since the nationwide lockdown have seen a effect towards the south on the turnover of the real estate and offices activity.
âHowever, new opportunities have arisen and the workspace transformation initiative – REBOOTSPACES – has become a tangible opportunity in the post COVID-19 business environmentSays founder and CEO Kunal Sharma.
The business and the restart
Based in Mumbai Flipspaces was founded in July 2015 by IIT alumni Kunal and Ankur Mucchal. The company specializes in interior design, products and commercial space projects. It serves SMEs, startups and coworking spaces and its USP lies in the use technological suites, powered by virtual learning and game engine based technology.
Since its inception, Flipspaces has executed renovation projects of over three million square feet of commercial space for businesses such as BSH, Aditya Birla, , InstaOffice, Nivea, Oppo, P&G, Reebok, Royal Enfield, , , , and Games.
Flipspaces has been launched two new jobs in recent months. The first is REBOOTSPACES, which launched at the end of May and focuses on transforming the workplace. The second, Offshoring of design products, was launched in mid-April and is a vertical that provides remote design services to customers in the United States.
REBOOTSPACES offers a home office solution that meets the need of working professionals to have a seamless and distraction-free remote working experience. Flipspaces has also adapted its business processes to provide interior design and consulting services remotely and manage projects with minimal physical interaction.
âHaving said that, we believe that the demand for commercial spaces and the desire to create differentiated spaces will rebound in a few quarters, âKunal says. He attributes this to the three Cs that physical spaces provide: culture, connection and change.
The Flipspaces team
The startup has also launched activities to address sanitation challenges. These include the installation Touchless automated disinfection booths in Mumbai, Delhi and Bengaluru police stations.
Since launching its new products, Flipspaces has grown three times its revenue month after month and has served over 150 clients for REBOOTSPACES, including Google, Incred Financial Services and Freightwalla.
Its international clients include Quantiphi, CGK, Discreet, Dispensary, and Capeway tours, among others.
Having established its activities in Bengaluru, Delhi and Mumbai, Flipspaces recently entered the US market and soon plans to expand to Pune, Hyderabad and Ahmedabad.
The commercial design market
According to Business Research and Company, the global design services market was valued at $ 153.4 billion in 2018 and should reach $ 249.5 billion by 2022, growing at a CAGR of 13 percent. Players like, , , and have made a mark with their designs in the commercial space.
Demand in the commercial design industry may be reduced for a few quarters, but Kunal thinks the SME ecosystem focuses on generating more savings rather than leveraging credit for survival or expansion.
The co-founder says commercial interior design and construction companies will need to learn and become expert solution providers for new problems.
A workspace designed by Flipspaces
âAs workspaces become less dense, a new principle of configurational designs will come into play,â says Kunal. He see absolute respect for hygiene, disinfection, social distancing and contactless automation like the future of retail space design.
He adds that working from home is becoming a tangible solution for many organizations, efficient home spaces will become part of the workspace design.
With a scalable and robust business model, Flipspaces says so does not necessarily need funds to survive.
“We were able to take advantage of the debt as an instrument to meet our working capital needs. Our banking partners extended the support we needed to ensure there was no dilution of equityKunal reveals. “Today, we can overcome the crisis because our business model is inherently profitable. We wouldn’t have survived if our unit metric was negative.
The Flipspaces team works from home. He set up a Internal COVID committee to resolve issues, support team members facing challenges, and keep them motivated.
âWe will soon resume our functions. Delhi and Mumbai will take longer than Bengaluru, where we are almost ready. Considering the client sites where the projects are initiated, we are working at 30 percent capacity“, says Kunal.
Flipspaces is currently open for investment and in talks to raise funds.
In November 2019, the startup raised Rs 8 crore ($ 1.15 million) as part of a venture capital debt financing round from Unitus Capital Inclusive Credit (UCIC) and Alex Group of Companies. Prior to that, Flipspaces raised an additional $ 3.5 million from Capital of CarpÃ©diem in January 2019.
The startup has big plans and aims to “increase its revenue by 5 times compared to pre-COVID-19 measures, over the next two quarters.”
(With contributions from Tenzin Pema)
YourStory’s Pivot and Persist series shines a light on Indian startups pivoting to seize new business opportunities, transforming their business models and offerings to navigate the current COVID-19 crisis.
(Edited by Teja Lele Desai)