Bengaluru, NFAPost: In another pioneering entrepreneurial surge, India’s leading home renovation platform Livspace crossed the billion-dollar valuation mark after raising $180 million.
According to sources, the funding round is led by KKR & Co. The company turns unicorn at a time its is focusing on global expansion and facing much heat from many competitors in India.
As per Arvian Research, Livspace is the 86th “unicorn” from India. “It is a reality that there is a surge in startups joining the Unicorn club in India. This shows the evolving nature of Indian entrepreneurs and a solid startup ecosystem backed by policies and the investor community. We all know that last year along India witnessed 43 firms joining Unicron club,” said Arvian Research.
Besides Swedish retailer Ikea’s Ingka Ventures, Livespace also got early backing from investors like Jungle Ventures, Venturi Partners and FFP (Peugeot Group’s Holding Company). Livspace, a Singapore-registered firm with significant operations in India, has raised about $450 million to date.
Commenting on the development, Livespace cofounder and CEO Anuj Srivastava said the company’s business is growing exponentially in both India and Singapore.
“We aim to replicate this playbook, launch new solutions and accelerate our launches across new markets with operations across APAC, MENA and Australia,” said Livespace cofounder and CEO Anuj Srivastava said in a statement.
For private-equity firm KKR, the deal is the latest in a series of transactions in the consumer internet space including Indian eyewear retailer Lenskart, China’s digitized dairy startup Adopt A Cow, and small enterprises-focused platforms GrowSari and KiotViet in South East Asia.
Other investors in Livespace include TPG Growth, Goldman Sachs, Kharis Capital, EDBI, Bessemer Venture Partners, Helion Ventures and UC-RNT. Spread over 23,000 sq. ft, Livespace inaugurated last year its largest Experience Centre in Marathahalli, Bengaluru, for home interior solutions in the
country.
Livespace cofounder and COO Ramakant Sharma said it is incredibly important that Livspace is showing
exceptional recovery even during the Covid-19 pandemic.
“As market leaders, we wanted to create a differentiated and compelling experience to tap into the segment of homeowners who would otherwise go with a contractor, carpenter or freelancer. We’re driving a behaviour shift,” said Livespace cofounder and COO Ramakant Sharma.
Livspace is India and South-east Asia’s largest and fastest-growing omnichannel home interiors and renovation platform. Livspace uses its proprietary technology to provide a one-stop renovation solution for homeowners—from design to managed last-mile fulfillment for all rooms in a home.
The platform has organised a fragmented industry, bringing together designers, brands, manufacturers and contractors to enable an eCommerce-like trusted and predictable experience. Livspace currently serves Singapore as well as nine metro areas in India (Bengaluru, Delhi, Noida, Gurgaon, Mumbai, Thane, Pune, Hyderabad and Chennai).
