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For most, invisible grill is a concept unheard of until they discover solutions from Mspace. Led by Satish Kumar, the company is passionate on transforming the aesthetics of the high-rise apartment landscape.
Public figure Arthur Buddhold once said, “Follow your passion and success will follow you.” This could not be truer than in the case of Satish Kumar, CEO, Mspace, who turned his passion for unique things into an entrepreneurial reality. Kumar was working with Veka, offering German window and door solutions in India, when he discovered architectural solutions from Le Home Concepts, Singapore. “Being into the construction sector, I was aware of the furnishing challenges in high-rise apartments. The invisible grill from Le Home is a revolutionary product which is so innovative in addressing the aesthetical and safety challenges of high-rise balconies,” Kumar says.
After due diligence, Kumar bagged the master franchise of Le Home in India and established Mspace in June 2017. Notwithstanding his short entrepreneurial experience, Kumar has executed over 250 projects with average value of Rs 2.5 lakhs. “Overall, we have completed projects for over 38,000 sq. feet area. We are focused on discerning end-customers who prefer aesthetics and safety over price.”
AN UNCOMMON PRODUCT
Most of such discerning customers have little options when it comes to replacing bulky grills in the modern interior design concepts. Invisible grills, offered by Mspace, are constructed from 2 mm diameter, 316-grade stainless steel cables with tensile strength of 400 kg and offer unblocked view and safety with zero maintenance, built-in alarm, and emergency escape features. “Such features are unthinkable in bulky iron grills, which are cage-like and violate fire safety norms,” Kumar informs.
The Hyderabad-based company is targeting customers who reside in apartments, high-rise buildings, villas as well as schools, hotels, and hospitals. It imports invisible grills from Le Home, which also specializes in products like iron gates, outdoor blinds, wall cushions and vinyl flooring. “The only challenge we face is of product awareness since it’s a new concept. Hence, our primary focus is to generate enough visibility through social media and digital marketing channels,” says Kumar.
Mspace entered franchising in 2018 and has appointed super franchisees in Mumbai, Chennai, Bengaluru, Kolkata and Gujarat. Highlighting that the entry barrier for the business is quite low, Kumar says that Mspace is looking for franchise partners under two models. “For the area franchise with zero inventory requirements, the investment is as low as Rs 3 lakhs of franchise fee while a super franchise partner needs to spend Rs 5 lakhs as franchise fee and Rs 7 lakhs for initial inventory. A super franchisee can further appoint area franchisees in its region.”
In lieu of the franchise fee, the company offers extensive support including digital marketing, branding, samples, training as well as sales leads. For area franchise, the company offers margins of 25-35%, which goes to 80-120% for super franchise partners. “Franchise partners who keep stocks have benefits of higher margins as they deal directly with us. Moreover, bigger the size of project, higher the margins,” shares Kumar.
People associated with the construction sector as well as architects and interior designers are preferred as franchise partners. “Our business model doesn’t require separate facility or setup; franchise partners can easily integrate our solutions with their existing business. Hence, the start-up cost is negligible,” reveals Kumar. He adds that due to uniqueness and utility of the product, the conversion rate goes up to 70%.
Mspace is looking for aggressive franchise expansion pan-India. “We plan to expand by appointing 25 franchise partners by 2019-end. By 2020, we may establish a manufacturing plant in India with the help of Le Home Concepts to offer more affordable products,” Kumar says, and adds that the India market is right now virgin territory for such products. “Over the next three months, we will expand our portfolio with wall cushions featuring premium PU leather and memory PU foam, and motorised blinds offering smart features like alarm and mobile operations. We will also start offering wind and rain-proof blinds to convert your balcony into a living space,” shares Kumar.