Anuj Srivastava, CEO and Co-Founder, Livspace
Singapore-based home interiors and renovation platform Livspace announced that it has raised US$90 million in an oversubscribed round led by Kharis Capital, a Switzerland based investment firm, and Venturi Partners, an investment platform in the consumer space in India and Southeast Asia (SEA).
Participating in the funding round are new investors EDBI and Peugeot Group’s holding company FFP. Existing investors Ingka Investments, TPG Growth, Goldman Sachs, UC-RNT, and Bessemer Ventures also participated.
Livspace shared in its official statement that the latest capital infusion will be utilised for further development of the technology platform, fund new market expansion, creation of new market offerings, expansion of supply chain, and private labels in Asia Pacific (APAC).
Livspace said it is eyeing countries such as Australia, Malaysia, Indonesia as well as the Middle East regions.
According to Livspace, the mentioned markets are where the interior and renovation industry is equally fragmented, therefore providing an opportunity for Livspace’s platform-based market entry.
In India, where Livspace is already present in nine metro areas, the company is evaluating dozens of new cities including Kolkata, Lucknow, and Ahmedabad.
Also Read: Home design and renovation platform Livspace raises funding from IKEA
Founded in 2014 by Anuj Srivastava and Ramakant Sharma, the company operated in Bangalore in 2015 before launching its services in Singapore in October 2019. Its three-sided platform brings together homeowners, a curated community of studios as well as vendors, and brands.
Homeowners get access to interiors for all rooms in a home, designed and delivered in a predictable manner.
In 2016, Livspace launched Canvas, its proprietary design-to-installation platform, a first for the interior design industry; which seeks to create unique experiences for homeowners and scales the job of interior designers.
Speaking about the investment, Anuj Srivastava, CEO, and Co-Founder of Livspace, said, “The Livspace model allows us to launch new offerings and expand to new markets rapidly and efficiently. We focus on the ability to digitise the large and complex home improvement industry verticals and integrate thousands of contractors, designers, home improvement professionals, and some of the largest brands and OEMs on our platform.”
Last year, Livspace raised Series C funding led by global investment funds TPG Growth and Goldman Sachs.
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Image Credit: Livspace
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