Founded by Jatin Paul, Avijit Marwah, Pallavi Paul and Mehaa Seth Marwah, Gurgaon-based, Modspace.in was launched in June 2015. It is an online furniture company, delivering internationally designed modular kitchens and home goods specifically customized to suit varied tastes and lifestyles.
Keeping today’s evolved Indian consumer in mind, Modspace manufactures the products entirely at its own state-of-the-art manufacturing facility with wood and equipment imported from Germany and Italy. It also implements smart processes to create high-quality international products at affordable prices and ensures hassle-free delivery of the same directly to the customer’s doorstep.
“Our vision is to build everyone’s dream home. In India, the home set-up industry is primarily serviced by the unorganized sector and carpenters, or expensive imported brands. Modpsace is building a make in india brand”, maintains Jatin Paul.
What led to the Conception of this Business Idea?
The inspiration behind Modspace.in came when Jatin was building a home in Gurgaon. Trying to find a local vendor for kitchens and wardrobes who had an eye for design and could deliver the quality he wanted, was impossible. Moreover, German and Italian vendors were more than 5x the cost. It was then he recognized this huge gap in the market, and quickly learned that every other home-buyer in India has experienced the same problem.
- Modpace’s product line includes custom made modular kitchens, wardrobes and entertainment units.
- Door-step delivery of orders
Moreover, the company uses technology to simplify the buying process allowing customers to choose from a vast selection of designs & receive digitized renderings to preview before they buy. Integrated software further connects customers to a Modspace design team as well as the manufacturing unit in a seamless process from order, manufacturing to installation at the customer site. With an existing product line offering custom-made modular kitchens, wardrobes and entertainment units, Modspace plans to introduce more innovative patented designs of modular furniture in the future.
Elaborating on the major problems addressed by Modspace, Paul said, “We are alleviating the pain from the entire lifecycle from buying to installing custom home furniture. It’s a huge pain to try and find a vendor to deliver modular furniture. Dealing with the hassle of finding carpenters, not being sure of the quality of raw materials used, vague timelines and no service makes this cumbersome for today’s consumers who have limited time. People want choice, painless and reliable delivery and finally, great value.
Business and Monetization Model
Modspace acquires customers through digital channels and connects them with its in-house design team that uses its proprietary technology to help them instantly visualize and customize products they want to buy. The company then manages the entire execution – everything from manufacturing to delivery to the end customer.
Traction Details and Funding Status
The company which has a team size of 25, claims to have delivered and installed over 100 projects in Delhi/NCR region over the past 7 months, and growing.
It will shortly look at raising a round of fund to propel its next phase of growth.
What is Modspace’s USP? How is it different from other online modular furniture companies like HomeStudio?
“ModSpace.in is make in India brand and our products are designed for local Indian kitchen conditions. Our delivery is 4 weeks. Companies that are manufacturing abroad typically have a minimum 3-4 month delivery and measurement risks mean that if anything is even slightly out of spec, getting things fixed and fine tuned is extremely difficult. Furthermore, we focus a lot on the proprietary tech we use to help our customers visualize their products better which also differentiates us from our competition,” says Jatin Paul.
Market Size, Scope and Future Plans
The market size of home set up in the top 10 metros in India is $10 Billion, and the modular kitchen market is growing at 40% CAGR. Modspace predicts immense growth in this specific sector as incomes increase and Indian families take even more pride in owning their own homes.
The company is also working on educating customers to go modular instead of carpenter-made furniture for its obvious benefits like flexibility, versatility, mobility, cost etc., through its online kitchen buying guide available on its website.
“We are committed to providing true value for money with Modspace.in products and focusing on customer satisfaction. Our future plan is to add new product categories and innovate on patented designs of modular furniture”, states Paul.