Interior and exterior design brand VOX India aims to bring innovative ceiling systems

European interior design brand VOX, which specialises in furniture, home furnishings, and building materials, formed a 50:50 joint venture (JV) with Varun Poddar, ex-Ashirvad Pipes scion, to form VOX India.

The Poland-based company, which was founded in 1989, is present in around 50 countries, including the USA, Mexico, Australia, Taiwan, etc. According to Poddar, this is the first time VOX has ventured into a JV with a company based outside.

“The Indian market is an aspirational one with increasing GDP per capita and the market for building materials is here to stay and grow for the next 20 years. Market size and opportunity led VOX to come to India so much so that India is the highest priority market for them worldwide,” Poddar tells SMBStory.

As per IMARC’s report, the Indian interior design market achieved a size of $28.6 billion in 2022, and is projected to expand to $51.4 billion by 2028, showcasing a CAGR of 10.3% from 2023 to 2028.

As the Indian market sees growth due to increased disposable income among individuals, there is significant room for advancement, says Poddar. He further asserts there is a need for continued innovation in this space.

Building in larger capacity

Poddar was a part of his family-run business, Ashirvad Pipes, one of the leading brands in India making plumbing pipes. It was acquired by a Belgian firm in 2018. Poddar says he was on a lookout to do something innovative, and that’s when he came across VOX in 2019.

The discussion led him to enter a JV with VOX in 2019 and found VOX India. The company began importing and selling in India, but by October this year, Poddar says they are starting their own manufacturing plant in Bengaluru.

Poddar says the company is currently introducing alternatives to ceilings such as false ceilings and wall panels.

“At present, individuals typically opt for gypsum ceilings, priced at approximately Rs 130 per square foot, or wooden ceilings, which can cost as much as Rs 1,000 per square foot for their homes. As you can observe, there is a significant price gap with nothing in between. Our aim is to bridge this gap with polymer-based ceilings,” Poddar says.

While India already has players working on the same material like Ryan PVC Walls and Ceiling Panels, V2 Industries, Sunbeams, etc, Poddar claims that VOX India would be one of the first manufacturers to be introducing it at a competitive price.

“There are importers who are importing from China, but the quality difference is huge. Chinese panels have 50X led content, which is very harmful,” he says.

From a tech and machinery perspective, VOX India is using some technology from India, but extrusion machines are imported from Austria. Poddar says VOX India is currently offering 30 years of warranty for polymer-based ceilings.

Till date, Poddar has invested around Rs 4 crore in the company, but in the coming years, he is looking to invest Rs 100 crore and want to build in large capacity.

The company has also launched floorings. “We aim to be a one-stop-shop for interior and exterior aesthetics,” he says.

The way forward

According to Poddar, as of FY 23, VOX India made Rs 60 crore in revenue. As polymer-based ceiling is a category that is still at a nascent stage, it holds great potential for growth, he says.

“Majority of our customers are from Southern and Western India. These are the regions where higher sales happen. Now, we are focusing on building in the Northern and Eastern regions,” Poddar says.

VOX India has also started exporting to countries like Kenya, Saudi Arabia, Vietnam, etc., and is planning to increase the business in these countries.

(Disclaimer: The headline was updated to correct a factual error)