NEW DELHI, Sept 19: Livspace, an online home interior and renovation platform, Wednesday said it has raised USD 70 million from investors, including TPG Growth and Goldman Sachs, to fund its expansion plan.
“Livspace… Has raised USD 70 million in Series C funding. The round was led by TPG Growth and Goldman Sachs, a global investment bank and active investor in India, and included participation from existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures,” a company statement said.
The funds would be utilised to expand its operations to six more metros by 2019 to a total of 13, while achieving deeper penetration in existing markets, it added.
Avendus Capital was the financial advisor to the company for the latest fund raise. Before this round of funding, Livspace had raised USD 33.6 million from Jungle Venture Partners, Bessemer Venture Partners, Helion Ventures, and UC-RNT.
Launched in 2015, Livspace has emerged as the top organised player in India’s very fragmented home interiors and renovation market, which is expected to exceed USD 23 billion by 2022. It has presence in seven major metros where it delivers interiors, including kitchens, wardrobes, furniture, decor and provides all contracting services from flooring and false ceilings to painting.
“This August, Livspace launched operations in Hyderabad and is on track to hit over USD 125-135 million in annualised gross revenue by March 2019,” the company said.
Over the last 18 months, Livspace said its gross revenue has more than quadrupled.
Livspace co-founder and CEO Anuj Srivastava said the support from investors in this round would help propel the company to its next phase of growth.
“Our vision is to evolve Livspace into one of the biggest and most admired consumer internet companies to emerge out of India,” he added.
Ramakant Sharma, co-founder and COO, Livspace, said, “We have ambitious plans to expand across top knowledge cities, and are excited to partner with TPG Growth and Goldman Sachs on this exciting journey.”
Akshay Tanna, Principal, TPG Growth said Livspace is disrupting the fragmented interior-design-and-renovation ecosystem in India.
“Livspace is an innovative and fast-growing Indian B2C internet company,” said Niladri Mukhopadhyay, a Managing Director at Goldman Sachs.
To fuel its expansion efforts, Livspace plans to grow its offline footprint through Livspace Design Centers, the company’s experiential stores, that play a key role in its omnichannel strategy. (PTI)
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