PE-VC Fund Investments
Workspace interiors player OfficeBanao raises Rs.34.8 Cr
Gurugram-headquartered workspace interiors startup OfficeBanao has raised INR 34.8 crore (about USD 3.76 million) in a pre-Series A2 funding round led by existing investor Lightspeed. The round saw participation from investment firm Mangum II and Medra Family. Lightspeed India Partners III and LS Opportunities Access Fund each received shares worth INR 10.62 Cr, while Mangum II LLC was allotted shares worth INR 9.04 Cr, and Medra Family subscribed to shares worth INR 4.52 Cr.The company's board approved the issuance of 45,472 pre-Series A2 non-cumulative CCPS for INR 7,654 per share. The funding, part of an ongoing round, was secured at a pre-money valuation of INR 522.7 Cr (about USD 56.5 Million).Founded in 2022 by Tushar Mittal, Akshya Kumar, and Divyanshu Sharma, OfficeBanao is a platform that leverages technology to provide solutions for creating, maintaining, and managing workspaces. The platform serves designers, architects, contractors, office furniture, and material suppliers, offering technology, content, and processes for corporate interiors and turnkey fit-outs. The startup provides integrated procurement solutions and caters to projects ranging from INR 10 Lakh to INR 5 Cr.OfficeBanao has offices in Gurugram and Bengaluru and has completed over 200 projects across more than 40 cities.
Between Mar 2023 and May 2024, OfficeBanao had attracted about USD 8 M from Alteria Capital, Lightspeed Ventures, and others.For FY25, OfficeBanao had reported about INR 123 Cr in Operating Income and about INR 23 Cr in Net Loss.
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