HDFC makes strategic investment in Bonito Designs
MUMBAI, India, June 28, 2023 /PRNewswire/ — Bonito Designs, India’s largest full homes only interior design firm, has secured a remarkable investment of Rs 40 crore from HDFC Limited, Tomorrow Capital, and a few High-Net-Worth Individuals (HNIs). This partnership will take the valuation of Bonito Designs to an impressive Rs 650 crore, marking a significant step towards the company’s larger goals.
Bonito Designs has consistently established itself as one of India’s leading full homes only interior design companies in Mumbai and Bengaluru. It exited the last fiscal year (March ’23) on a high note with an ARR of nearly Rs 300 crore and a positive EBITDA. This strategic alliance with HDFC Limited deepens its presence in Mumbai and Bengaluru while considering future expansions into other promising geographies such as Hyderabad and Pune. Furthermore, a substantial portion of the investment will be dedicated to their technology roadmap, enhancing their capabilities in line with their growth trajectory.
The incredible journey of Bonito Designs begun in 2022 with the launch of their operations in Mumbai through their industry-first celebrity alliance with Gauri Khan and Manish Malhotra. Within a short span of just 12 months, the company has emerged as one of the top players in the industry.
The company is well on its way to double its revenue, while achieving double-digit profitability figures in FY24 – an accomplishment never seen before in the industry. The investment from HDFC Limited will play a pivotal role in realising these plans and propelling Bonito Designs towards unparalleled success.
About Bonito Designs
Bonito Designs is India’s fastest growing home interior brand, which is revolutionizing interior designs market by offering curated and exclusive homes for its customers. Bonito uses ‘no catalogue’ approach to bring freshness to all the homes they design. The Company which entered Mumbai last year runs four experience centers and has delivered homes spanning across 5 mn sqt till date. Backed by Tomorrow Capital, Bonito plans to launch operations in Pune, Hyderabad, NCR and Chennai in the next 18 months.
View original content:https://www.prnewswire.com/in/news-releases/hdfc-makes-strategic-investment-in-bonito-designs-301865708.html
