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Great home decor and furnishings is now a style statement. And with modular designs entering the scene, comfort and classy are now going hand in hand. To create some top-notch home decor and designs, Dev Vig and Akshata Menon Vig founded their startup De Space in 2010.
De Space offers highly customized turnkey residential interiors solutions to end-users.
As per the founders – "De Space is an attempt to organize a highly disorganized residential interiors market.
We would like to be known as an initiative that focuses heavily on client satisfaction, space planning, and high-quality execution. This has been our vision since day zero and all our expansion plans revolve around these three parameters. We currently cater to the Bangalore market, but are working on plans to enter other cities shortly."
De Space - Company Highlights
| Startup Name | De Space |
|---|---|
| Headquarter | Bangalore |
| Founder | Dev Vig & Akshata Menon Vig |
| Sector | Interior Designing |
| Founded | 2010 |
| Parent Organization | De Space |
De Space - About & How It Works
De Space - Target Market
De Space - Founders & Team
De Space - How It All Started?
De Space - Name, Tagline & Logo
De Space - User Acquisition
De Space - Business Model & Revenue Model
De Space - Startup Challenges
De Space - Competitors
De Space - Future Plans
De Space - FAQ's
De Space - Conclusion
De Space - About & How It Works
De Space offers a turnkey interior designing solution to resident owners. There is a lot of focus on space planning, something that is a challenge for the majority of homeowners. The co-founders treat every home as unique and never offer standard designs at all.
The designs are prepared after a thorough understanding of the space available, as well as understanding the client's requirements at length. Apart from this, there is a strong focus on client experience. They have invested a lot in building a strong team at the backend, comprising of skilled laborers, contractors, carpenters, supervisors, that help the founder duo in delivering quality service to their clients.
De Space - Target Market
According to Economic Times, Bangalore witnessed a sale of 34546 residential units in 2017 and the launch of 22410 units in the same year. This boils down to roughly 2900 units sold every month. Considering 10% of buyers want their interiors to be executed by a professional firm as per their taste and requirements, the market size is approx. 3500 units per annum.
This is the pie De Space is eyeing. While the industry is currently under consolidation, the founders believe the introduction of RERA will attract serious buyers who are looking forward to buying residential units for there own stay purpose. The industry outlook in the coming five years looks effectively positive.
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De Space - Founders & Team
De Space is founded by a husband-wife duo Dev Vig and Akshata Menon Vig. While Akshata takes care of the designing part, Dev handles processes like sales, marketing, and operations.
Akshata Vig (Founder) – An architect by profession, leads the design process at De Space. She has an overall experience of more than 16 years and has strong eye-for-details and designs. This has particularly helped De Space create highly customized interior solutions for its clients. Before starting De Space, she has worked in firms like DWP Interics and Space Matrix.
Dev Vig (Founder) – With a dazzling MBA degree Dev is an engineer by profession. He has spent more than 15 years in dynamic areas of sales, marketing, and consumer insights. His ability to understand the consumer psyche has helped in getting highly relevant projects and also a highly satisfied clientele. Before starting De Space, he has worked in firms like Bharti Telesoft, Rediff.com, AOL, BabyBerry as a cofounder.
De Space Interiors holds a giant team of 70 members. A strong backend team of contractors, carpenters, painters, and electricians for the clients so that they can be relieved of the stress of finding some good ones on their own.
De Space - How It All Started?
All of it started when the founders completed their home interiors. It so happened that people praised their designs and that's when they realized it has a huge potential. On doing some further research, they understood the market is highly unorganized with local contractors ruling it and consumers who are unaware of the details often end up spending money on what they were not even aware of.
As a result, they spoke to a lot of homeowners and figured that the consumers faced issues such as non-transparency, delays, unskilled labor and would love to hire someone who would give them a turnkey solution without them being involved in the operational aspects. This indicated a clear gap in the market in terms of professionalism and the duo decided to do their bit in filling up this gap.
De Space - Name, Tagline & Logo
The name "De Space" means "Of space". Since the whole focus of the organization is on space planning and effective utilization of the space available, the founder duo felt this is an appropriate title for the company.
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De Space - User Acquisition
When De Space got the first project, the co-founders never had a concrete plan for reaching the 100th client. "It was an idea that we had tried and decided to stay open for learning and ensure we make necessary changes with every project that we execute. This approach of ours enabled us to climb the ladder slowly and build on our clientele" Says the founder duo.
De Space doesn't advertise its offerings. They believe that their clients are the strongest assets and brand evangelists. Also with their core focus being on client satisfaction and transparency, it has helped them to create a strong word of mouth, which has resulted in a substantial increase in their clientele. In the year 2018-19, De Space has done five new projects that came from the existing clients which are surely a testament to the kind of service that De Space offers.
De Space - Business Model & Revenue Model
De Space works on only design and turnkey modes. Design only costs are calculated as per the number of man-hours that they need to dedicate to designing the interiors. The turnkey model covers the labor, material and designing of the project and is charged accordingly with due considerations to the margins.
De Space - Startup Challenges
It's a known fact that any organization cannot be huge with the sole efforts of its founding team. It requires an extremely strong team of people who believe in the vision of the founders and walk on the same path as theirs. Like any other company, De Space also faced the challenge of having the right set of people supporting them. Hence, in the early years of inception, they decided not to grow exponentially and rather focused on creating a team that would help the founders to scale while not diluting the principles of high-quality services.
While it might have made our journey slower, it helped us to ensure we built a strong foundation, and it's that foundation today, that has helped us to reach where we are today. We strongly feel one is known for the quality of work s/he has done, not the quantity of work - said the founders proudly.
With residential units size reducing regularly, the real challenge lies in doing justice to the space available, something that De Space intends to capitalize on.
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De Space - Competitors
There are quite a few major competitors in the market who have spread out their operations pan India eventually. FHD Group India, Dreamspace India, Asense Interiors can pose major competition to De Space.
De Space - Future Plans
De Space completed its 400th project in 2019, and the team has been scaling up to accommodate upcoming projects. The founders are positive about the future and are confident that their high-quality, innovative solutions will help them to become a strong player in the market for the long term.
De Space - FAQ's
What is De Space Designs?
De Space offers a turnkey interior designing solution to resident owners. There is a lot of focus on space planning, something that is a challenge for the majority of homeowners.
Who is the Founder of De Space Design?
De Space is founded by a husband-wife duo Dev Vig and Akshata Menon Vig. While Akshata takes care of the designing part, Dev handles processes like sales, marketing, and operations.
Where is De Space Design Located?
De Space Design is located in Bangalore, India.
Who are the competitors of De Space Design?
There are quite a few major competitors in the market who have spread out their operations pan India eventually. FHD Group India, Dreamspace India, Asense Interiors can pose major competition to De Space.
De Space - Conclusion
De Space Designs was founded in 2005 which is a full service and Interior Architecture studio. De Space Designs are change makers who are committed to connect Visions, Ideas, Culture and People, to improve the world we live in, and the quality of life for all, through a sustainable, human and earth centered approach to design. They aspire to create sensory journeys that inform, inspire, comfort and heal humanity in every project they take.
Author: Vidhi Punamiya
Source : https://startuptalky.com/de-space-success-story/
Date : 2021-04-17T07:30:00.000Z