“The trend of increasing nuclearization of households is giving rise to increase in acquisition of new homes resulting in more demand. Considering the increase in demands of the middle class, we foresee a lot of opportunity for home interior solutions from metros as well as the mini metros in India.”- Shailesh Goswami, Founder & CEO of FOYR
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| Shailesh Goswami, Founder & CEO of FOYR |
ST: When
did you decide to take the path of entrepreneurship?
did you decide to take the path of entrepreneurship?
Shailesh
Goswami: Foyr’s journey started in
2014. Based on my background in the tech industry, my experience as a home
buyer and detailed observation of the interior domain space, I
noticed that getting home interiors done was a real challenge. The whole
process was cumbersome, lacked transparency, designs were presented over PPTs
& execution timelines were difficult to track. There was a huge gap of
technology consumption in the interior design industry.
Goswami: Foyr’s journey started in
2014. Based on my background in the tech industry, my experience as a home
buyer and detailed observation of the interior domain space, I
noticed that getting home interiors done was a real challenge. The whole
process was cumbersome, lacked transparency, designs were presented over PPTs
& execution timelines were difficult to track. There was a huge gap of
technology consumption in the interior design industry.
Interior
continues to be a luxury which comes with high cost. We looked at it as a
potential business idea and decided to work for making the interior designing
process more accessible and affordable.
continues to be a luxury which comes with high cost. We looked at it as a
potential business idea and decided to work for making the interior designing
process more accessible and affordable.
ST: Please
tell us about your venture.
tell us about your venture.
Shailesh
Goswami: Foyr is a technology
startup and one of the most innovative home décor company. Its patent pending
innovative 3d-technology makes interior design easy and simplifies execution of
our designs for our customers. Founded in 2014, the company is a one-stop solution
for customized interior design and end-to-end execution services. The company
was found with the idea to simplify and transform the home decor industry
through the use of innovative and path-breaking technology.
Goswami: Foyr is a technology
startup and one of the most innovative home décor company. Its patent pending
innovative 3d-technology makes interior design easy and simplifies execution of
our designs for our customers. Founded in 2014, the company is a one-stop solution
for customized interior design and end-to-end execution services. The company
was found with the idea to simplify and transform the home decor industry
through the use of innovative and path-breaking technology.
Foyr
has also started a new line of business where we collaborate with Real estate
firms and also lend our technology to them.
has also started a new line of business where we collaborate with Real estate
firms and also lend our technology to them.
ST: What
opportunities do you see in this sector?
opportunities do you see in this sector?
Shailesh
Goswami: India has furniture
and furnishings market worth USD 26 billion, so there are ample opportunities
available.
Goswami: India has furniture
and furnishings market worth USD 26 billion, so there are ample opportunities
available.
According
to a recent report, Indian consumers are spending at higher-than-GDP-growth
rate levels in many other home categories including: Paints, Furniture, Kitchen
appliances and furnishings (e.g. chimneys), Bathroom fittings, Flooring and
floor coverings.
to a recent report, Indian consumers are spending at higher-than-GDP-growth
rate levels in many other home categories including: Paints, Furniture, Kitchen
appliances and furnishings (e.g. chimneys), Bathroom fittings, Flooring and
floor coverings.
The
trend of increasing nuclearization of households is giving rise to increase in
acquisition of new homes resulting in more demand. Considering
the increase in demands of the middle class, we foresee a lot of opportunity
for home interior solutions from metros as well as the mini metros in India.
trend of increasing nuclearization of households is giving rise to increase in
acquisition of new homes resulting in more demand. Considering
the increase in demands of the middle class, we foresee a lot of opportunity
for home interior solutions from metros as well as the mini metros in India.
ST: Did
you face any challenge in your entrepreneurship journey?
you face any challenge in your entrepreneurship journey?
Shailesh
Goswami: Yes, every venture
comes with its own challenges.
Goswami: Yes, every venture
comes with its own challenges.
In
the initial stages, building a great team, raising funds to create a
first-of-its-kind 3D-visualization product, setting up operations were the main
challenges. We were fortunate enough to do all these.
the initial stages, building a great team, raising funds to create a
first-of-its-kind 3D-visualization product, setting up operations were the main
challenges. We were fortunate enough to do all these.
Challenges
remain- high customer acquisition cost, deep discounting by competitors & managing
unit economics but we are learning and evolving each day. With our current
marketing mix, better sales and operations planning and increasing support from
our partners we are improving each day and are growing at a brisk pace
month-on-month.
remain- high customer acquisition cost, deep discounting by competitors & managing
unit economics but we are learning and evolving each day. With our current
marketing mix, better sales and operations planning and increasing support from
our partners we are improving each day and are growing at a brisk pace
month-on-month.
ST: What
are your plans for next 2 years?
are your plans for next 2 years?
Shailesh
Goswami: We hope to build on
our current momentum. Foyr is currently present and providing services in Pune
and Hyderabad. We plan to expand our services to other cities soon. Our vision for
the next 5 years is to make home interior affordable and accessible to everyone.
Goswami: We hope to build on
our current momentum. Foyr is currently present and providing services in Pune
and Hyderabad. We plan to expand our services to other cities soon. Our vision for
the next 5 years is to make home interior affordable and accessible to everyone.
We
also want to further accelerate our technology story & aggressively take
our 3D-tech to market through customers in India and abroad.
also want to further accelerate our technology story & aggressively take
our 3D-tech to market through customers in India and abroad.
Interviewed by Startup Terminal Bureau
