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Livspace secures US$70M from TPG Growth, Goldman Sachs, Jungle Ventures, others

Livspace secures US$70M from TPG Growth, Goldman Sachs, Jungle Ventures, others

Livspace is an online design automation firm, whose three-sided marketplace brings together homeowners and a curated community of designers and vendors

Livspace Co-founders Anuj Srivastava (L) and Ramakant Sharma

Singapore-incorporated online home design automation platform Livspace has secured US$70 million in Series C round of funding, led by global investment funds TPG Growth and Goldman Sachs.

The round also saw participation from existing investors, including Jungle Ventures, Bessemer Venture Partners and Helion Ventures.

Livspace will utilise the funds to expand its operations to six new Indian metro areas by 2019, while achieving deeper penetration in existing markets. The company currently serves in seven markets, including Bengaluru, Mumbai, Delhi and Hyderabad.

Launched in 2015 by Anuj Srivastava and Ramakant Sharma, Livspace is a home interior and renovation platform. Its three-sided marketplace brings together homeowners and a curated community of designers and vendors. Homeowners get access to interiors for all rooms in a home — designed and delivered in a predictable, hassle-free manner.

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In the seven cities it currently operates, Livspace delivers interiors, including kitchens, walk-in closets, furniture, decor and provides all contracting services from flooring and false ceilings to painting. In August it began operations in Hyderabad, and is now on track to hit over US$100 million in annualised gross revenue by March 2019.

Over the last 18 months, Livspace claims its gross revenue has more than quadrupled, and it also achieved unit-economics profitability across its previously launched markets.

In 2016, the company launched Canvas, a design-to-installation platform for the interior design industry.

CEO Srivastava said: “Our vision is to reshape the way people design and renovate their homes all over the world. In an industry that has traditionally struggled with scale, we have created a first-of-its-kind, design-to- installation technology platform and a marketplace model that is highly scalable.”

To fuel its expansion efforts, the firm plans to grow its offline footprint through Livspace design centres, the company’s experiential stores that play a key role in its omni-channel strategy. The latest upsized design centres will offer a new brand experience to its consumers. In addition, the company will continue to invest in the growth of its design partner community, which includes interior designers and small design studios, as well as its vendor community which comprises brands, contractors and service partners.

On the product side, new home interior solutions and products, together with new technology innovations, are planned for both homeowners and design partners. They will be delivered through Livspace’s proprietary design-to-installation platform, Canvas.

In 2016, the company raised US$15 million in led by Bessemer Ventures Partners, with participation from Jungle Ventures and Helion Venture Partners.

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