Livspace, an Ikea-backed home interior and renovation startup, has recently secured US$60million. The investors in this funding round were- Tahoe Investment Group, Hong Kong and Singapore-based EDB investment, and Mercer Investments along with Kharis Capital, a European investment management firm and Nicholas Cator, Venturi Partner’s managing director.
According to the reports, the investment has been made through several allotments and is likely to close in February 2020 and could go up to US$90M – US$100M. The company has raised US$150M to date. Livspace has also raised investment from a strategic partner of the Ikea franchise and the investment arm of Ignka Group in May 2019. Previously, the company had also raised US$70M in 2018. Goldman Sachs and TPG Growth led the investment round.
The company is Singapore-based, and outside Singapore, it operates in nine Indian cities- Bengaluru, Hyderabad, Chennai, Delhi, Gurgaon, Noida, Thane, Mumbai, and Pune.
Livspace- The One-Stop-Shop For Home Interiors
Livspace was founded in 2014 by Anuj Srivastava (formerly worked with Google) and Ramakant Sharma (previously worked with Myntra); both IIT Kanpur alumni. The company was launched in India in 2015 and has now become a trusted brand for complete home interior design for more than 5000 homeowners.
The company is an interior design startup that offers end-to-end solutions for decorating your new home and renovation projects. With a plethora of design options, the company provides interiors for all styles and budgets. The customers can choose and buy furniture and home décor from various vendors through the Livspace platform. The company also connects the homeowners with interior designers, home renovation experts, and furniture makers.
The company offers one-stop for home interiors; more than 2000 registered interior designers, modular solutions for kitchen and wardrobes, extensive furniture and décor catalog, and on-site expertise. The customers can also visit the company’s design centers for the experience.
The Way Forward
Livspace plans to use this funding to strengthen its operations in Singapore and expand its presence beyond the metro cities of India. According to reports, there are some planned launches in Lucknow, Kanpur, and Chandigarh.
The company launched in the city-state in late 2019 that marked its first phase of the Asia-Pacific strategy. Livspace plans to increase its launches from 2020 onwards. The company also announced earlier that it would keep aside US$ 30 million for expanding the business in the country.