Foyr.com Evolving Interior Designing With The Help Of Virtual Reality

Have you ever thought of a realistic PoV (Point of View) while designing your home? Do you ever think of solving real-life problems of home decoration with the help of cutting-edge technology in the interior designing industry? Yes, now you can, and Foyr.com is the answer. It is a Hyderabad-based startup using the potential of 3D visualization technology and virtual reality in any given space. It is providing an immersive and impressive 3D model in interior designing for any kind of space. I guess, hardly, some of you heard about the startup Foyr.com.

It is a unique platform solving problems based on real-life through the unique use of technology, innovation and design. The company helps architects and interior professionals all around the globe in showcasing their idea and in creating an immersive and impressive 3D model by using the potential of 3D visualization technology and virtual reality. This is our new story of “The Unconventional Industry” about Foyr.com evolving interior designing with the help of virtual reality.

Foyr.com’s Commencement Journey:

In 2014, Shailesh Goswami founded this Hyderabad-based startup Foyr.com. The journey of the startup begins when some years back while executing his apartment. He noticed that the interior designing industry is being left behind in the use of technology and the process they were using is so disorganized and time-consuming. And not only that, if there was a requirement of some change, usually that each change takes so much time to complete. Here, he observed a great opportunity in this interior designing industry.

With his technical background, he started his journey with the startup to bring the next-generation technological tools to the interior industry. The startup was founded with the idea to simplify and transform the Real Estate industry through the use of this innovative and path-breaking enterprise technology. Recently, the company has expanded their footprint to Singapore that is a measurement of both their vision and scope on the global platform.

“Real estate is a high-value transaction, and we want to empower investors and occupiers to make informed decisions by providing advanced technology for visualisation of their projects. We see it as a win-win situation for corporates and startups to work together to bring the industry forward”, said Shailesh Goswami.

Foyr.com’s Funding and Investments:

A client can virtually design his or her living space with furniture, fixtures, paints, and colour schemes from their designers and can also get an idea of the estimated cost. The client can also get the facility of various pre-designed spaces before reaching an outcome and can decide what suits pretty well with their choices. The company has 80 plus brands associated and 3,000+ products. It has raised a total $ 5.5 million amount of funding.

Funding:

Date	Round	No. Of Investors	Amount	Investors
Dec 27, 2017	Series A	1	$ 3.8 M	Jones Lang LaSalle (JLL)
Oct 24, 2016	Venture	1	Undisclosed	JLL India Real Estate Technology Ventures
Mar 27, 2015	Seed	1	$ 1 M	–
Feb 19, 2015	Seed	1	$ 660 K	–

Investors:

Jones Lang LaSalle (JLL)
JLL India Real Estate Technology Ventures
Astarc Ventures
Brick Eagle

“We are thrilled to get funds from the strategic investors like JLLwhich will be pivotal in our expansion to newer markets in India and abroad. Real Estate is a high-value transaction and we empower real estate buyers to make informed decisions by providing advanced technology to builders, architects & developers for visualization of their projects”, said Shailesh Goswami.

Achievement and Innovation of Foyr.com:

Recently, the company announced the expansion of its services to the ‘Pink City’ Jaipur after working in Hyderabad and Pune. It is looking forward to multiplying their yearly revenue, which is 3 million dollars presently to 6 million dollars this year. Also, the company has established its offices outside India. Their current clients are Architects, Interior Designers, Builders, Commercial brokers, etc.

The major objective of the startup is to gain the fastest million dollar product that is Magiktour. It is the product which is used by the Architects and Interior Designers, etc. This product presents the designs right out of software which helps Designers & Architects work easily. Also, this helps to understand and in serving the client better, while interacting with them about their requirements.

“After having joined the Government of India’s smart city initiative, Jaipur is presently one of the rapidly growing Tier-II cities in the country. This makes the city a viable investment opportunity for many real estate developers. This is the best time for Foyr, in particular, to bring in a premium luxury home decor experience right into the homes of Jaipur residents. Flawless execution, powered by path-breaking technology is going to be our USP in the city. We look forward to a great partnership and delivering the best customer service”, said Shailesh Goswami.

Challenges for Foyr.com

The trend in the interior designing industry follows the top-notch designers, who have created their brand name in the industry. Brand identity is the major factor which drives the process of the interior designing industry from the start to an end. The interior designing industry has seen a tremendous growth over the years only because of the brand identity.

It is a plus point for Foyr.com that they are utilising the technology but still, the major challenge for the company is to survive among the top-notch designers. The startup does not own any brand name or any top-notch interior designer which makes it difficult to survive in the market. Making own brand name from the scrap amidst others is the toughest challenge for the startup.

Another challenging point for a successful business in the interior designing industry is having a strong network. Without the appropriate channel of networks, it is quite difficult to sustain or get on-flowing projects. This kind of work is having a strong network.

There are different segments of the industry such as residential, commercial, restaurants, hospitality, cafes, etc each of the interior designers has its portal one of the segments. So based upon the expertise they have attained the status in the market and the company basically runs on the expertise of the major interior designer rather than the brand name or the registered name of the company. This makes it more difficult for the company to survive in the competition where experts interior designers are already competing with each other.

Contenders for Foyr.com:

The major competitors of the startups are MyGubbi, Livspace, Morphogenesis, Gauri Khan Designs, StudioLotus, The White Window, Monica Khanna Designs, The Charcoal Project, Aamir and Hameeda Interior Designers and Contractors (AANDH), Furdo, etc. and other very renowned interior designing companies. Last year, Livspace, a Bengaluru-based startup had also launched Home Design Automation Platform. This will provide the startup Livspace various services automated through ecommerce integration that can complete designs online 2D and 3D, generate invoices, etc.

The interior designing companies are running over the name of the owner rather than the original name of the company. Some of the clients are taking services from interior designers just because of their name and brand value. They even don’t know the actual name of the company other than the designer name.

The interior designers look around the market itself although they have sufficient employees to watch around the market but still they themselves watch. They look around the possible styles like urban, contemporary, industrial and architectural, etc. they can work according to their expertise and clients taste. Here the startup Foyr.com can review its style in which they own the expertise and can become a strong contender for others.

“We are empowering the consumer with the right tools and information to create their own designs and also execute them. Users can experiment with various patterns, colours, textures, material, and product options to get the actual feel of placement, space utilisation and theme in their ‘real’ living environment. The company has also filed three patents for processes developed by its design teams”, said Shailesh Goswami, the Founder and CEO, Foyr.com.

Future Expectations:

The home furnishings market is expected to reach $30 Bn in India by 2020, according to a report by Technopak, in which modular fixtures and décor products also included. The competition is going to be tough to rule the market. As Furdo is also providing the same services done in 60 days with the help of virtual reality software and Livspace is also the big competitor.

Whereas, the positive point is the Indian market is now also accepting this type of changes to get their dream house built and within the estimated time. Also, the startup has the opportunity to target the major part of the population of the country which is the middle class. If the startup succeeds in planning and executing designs according to the middle class’s budget then they capture the biggest part of this market.

Now, for capturing this targeted segment of the market, they have to target it with proper planning by reading the trend of the market then applying. In this procedure, they also required a proper market research of the field then they could get more opportunity. This will benefit the startups in performing best within the rest of the startups and make a brand value of their own in the market.

Without appropriate planning and market research, it would be difficult to target the middle-class segment of the society. And it will be quite difficult to make a brand name. It will be interesting to watch the startups in making their place among other in this stiff competition in the designer industry.

For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.