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Floma

India, Maharashtra
Market: Internet and IT
Stage of the project: Operating business

Date of last change: 11/14/2017
Min investment
$  50.000
0
Total required
$ 300.000
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Idea

Floma is an online platform that is bringing together the Indian Interior Design Industry. Founded in 2015, our mission is to be the one single online & offline platform where everyone in the Indian interior design industry can connect, collaborate and grow.

Current Status

Floma.in features a fully functional profiles section where the Indian interior industry professionals can upload their portfolios which are available for consumers to see. This helps professionals to get more business and grow and helps consumers to get in touch with qualified professionals for their interior design projects.
Along with a way to get in touch with industry professionals, Floma features multiple content sections including Projects, Guides, and Videos which are available for the Indian consumers to find interior design inspiration and get ideas for their homes. All this content has been contributed by the Floma Professional Community and the Floma Team. User Generated Content is the soul of the idea of getting people together.
Floma also features a fully functional eCommerce Shop section which aims to provide the consumers quality and unique decor products at fair prices and more business to the sellers who work in this industry. We are proud to say that 80% of our sellers are doing business online for the first time. Hence Floma has contributed to the growth of Indian eCommerce Industry by getting smaller sellers online.
Design Consultations, Floma Events, Floma Advice, etc. are a few of the many new features Floma aims to bring to the service of the Indian consumers in 2018.

Market

- The size of Indian Interior Design and Home Décor market in India is Rs. 1,25,000 Crore. (2015 Data) And the Housing Market itself will grow to Ts. 11,70,000 Crore by 2020 with a CAGR of 11.2%. (Source)
- Homeownership in India is 86.7% and rented are 10.5%. Both are our target audience. (Source)
- 450 million+ active Internet users in India with over 60% urban penetration. (Source) Hence, not only the current market is huge, but the growth potential is also immense.
- 5 Lac+ interior designers and architects in India and a same number of contractors and students. (Lowest Estimates as No Clear Data Available)
- India’s digital advertising market to reach Rs 25,500 Crore by 2020 with a CAGR of 33.5%. (Source)

Problem or Opportunity

- The interior design industry in India is still largely offline and relatively unorganised compared to other industries like hospitality and eCommerce. Many of the professionals in this industry struggle to promote their businesses online due to lack of knowledge and support, same is the case with small artists and product manufacturers.
- Home design DIY enthusiasts also are looking for one reliable platform which can provide them a way to find design inspiration, product customisation, and industry updates.
- Fast and quality interior design services is also a need of the hour for the rapidly growing Indian housing market.
- There are multiple companies that somehow cater to the interior design industry like Pepperfry for buying furniture, JustDial for finding interior designers, numerous small blogs and website for content to read but none of the above really ‘focuses’ on interior design industry and its real needs. The business models of these players also focus on one or two aspects only.
- Majority of the competitors to Floma still have features/content/products that cater only to the upper class i.e. 3-5% of the Indian audience. Remaining are simply being neglected at the moment.

Solution (product or service)

1. Floma aims to be the one single platform with features for the interior design industry that simply can’t be found anywhere else combined.
2. Our innovative professionals listing platform is 100% free for professionals and always will be. This provides a great opportunity for interior industry professionals to literally use Floma as a replacement for their own website/business cards.
3. Our lots of high-quality and ‘relevant’ interior design content in the form of Projects, Videos, Guides, etc. and community features like Collections, Likes, Comments, etc. give all that’s needed for masses to discover content and stay engaged with Floma.
4. Floma, being an interior design and technology company, aims to combine the best of both worlds. High-quality design for everything we do and the same professionalism of a technology company.
5. The fine combination of being an eCommerce platform, a professional listing platform, and a content discovery platform is what makes Floma unique.

Competitors

There is no direct and clear competitor to Floma which is focusing on the same combined concept as we are but every vertical of ours has competitors at different stages of evolution.
We have listed the online interior design start-ups as competitors here even though we are planning on getting them on board as partners as they still compete with us, for now.
iDecorama is probably the closest competitor we have as it already features content discovery and professional listings verticals.
- Most competitors are older to Floma, having better industry understanding.
- Players like Facebook, Houzz, Pepperfry are leaders in their segments and have deep pockets.

Advantages or differentiators

- Floma’s Young and Dynamic Team led by Vedarth Deshpande, a 22-year-old entrepreneur, the founder of Deshpee Internet Private Limited which successfully runs 2 other commercial ventures apart from Floma and having 3 years of experience into the field of digital marketing and website development, and Mr. Shriram Deshpande, a chartered accountant and financial consultant by profession, having 25+ years of experience in helping companies solve their problems.
- Low Operational Cost and Strong Execution Capabilities
- Right Timing of the Concept and Ready Foundation to Build Upon

Finance

Floma will never sell, stock or trade any product or service by itself. We will only act as an online and offline platform connecting the industry in various ways.

Floma’s business model revolves around three verticals- 1. A platform for professional listings and providing interior design services, 2. A platform for discovering great Indian interior design content, 3. An eCommerce platform for buying home décor products.

Expected cash flow is hard to predict at the moment as the idea is in its validated stage and now the revenue will start coming in.

Business model

Revenue will via be via 3 verticals:
1. Revenue as commission via services provided through Floma Design Consultation by professional designers.
2. Revenue as commission via products sold through Floma Shop by sellers.
3. Revenue on advertising via ads served through Floma content sections by advertisers.

Money will be spent on

Money will be spent on 3 verticals; we are outlining goals of each vertical by March 2019:
1. New Launches: Foma iOS App, Floma Professional Android and iOS App, Floma Events Launch , Floma Advice Launch, Floma Customisation Launch, Floma Design Consultation Dashboard Launch, Floma Professional Services Launch
2. Technology Development and Company Expenses: Constant Desktop Website Improvements, Floma Mobile Website Development, Floma Android App Development, Floma Administrative and Operating Expenses
3. Marketing: Taking Floma Website Monthly Pageviews to 1 Million, Taking Floma User Community to 25,000, Taking Floma App Installs to 10,000, Taking Floma Professional Community to 3,000 , Taking Floma Seller Community to 500 , Taking Floma Store Monthly Orders to 100
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