Bengaluru-based Livspace said it has raised $90 million (about Rs 660 crore) in a funding round led by Swiss investment firm Kharis Capital and Venturi Partners.
Bengaluru-based Livspace on Thursday said it has raised USD 90 million (about Rs 660 crore) in a funding round led by Swiss investment firm Kharis Capital and Venturi Partners.
The series D round also saw participation from new investors including FFP (Peugeot Group’s holding company) and EDBI, a statement said.
Existing investors Ingka Investments, TPG Growth, Goldman Sachs, UC-RNT and Bessemer Ventures also participated, it added.
“The latest capital infusion will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain, creation of new market offerings and private labels in Asia Pacific.
“In India, Livspace is looking at entering dozens of new cities including Lucknow, Kolkata and Ahmedabad,” it said.
Livspace is also evaluating countries such as Australia, Malaysia and Indonesia in the Asia Pacific region, and the Middle East as its next markets, where the interior and renovation industry is equally fragmented and presents a ripe opportunity for Livspace’s platform-based market entry, it added.
Livspace said it hit a gross revenue run rate of over USD 200 million in February 2020, and the company is projected to grow into a USD 500 million business in the next 24-30 months.
Its India operations are expected to be profitable in 2021.
“We are very excited to partner with some of the top investors in Europe and Southeast Asia, and these relationships have been built over the past couple of years…,” Livspace COO and co-founder Ramakant Sharma said.
“Livspace has done two things uniquely: first, digitization of large and complex home improvement industry verticals, and, second, integration of tens of thousands of contractors, designers and home improvement professionals as well as the largest brands and OEMs in this space,” he added.
This playbook has helped the company expand rapidly and efficiently across markets, he said.
Founded in 2014 by Anuj Srivastava and Sharma, Livspace has designed over 20,000 homes.
It currently serves nine metro areas in India (Bengaluru, Chennai, Hyderabad, Delhi, Gurgaon, Noida, Mumbai, Thane and Pune). It expanded to Singapore market in October 2019.
Till date, the company has raised over USD 200 million.
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