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Home design service provider Livspace today said it has raised $8 million (about Rs 50 crore) in an internal round of funding.
This investment comes within months of the launch of Livspace in December last year and the Series A funding round of $4.6 million, the company said.
The funds would be used to accelerate Livspace’s strong momentum across product and design innovation, user engagement on mobile and Web, and revenue growth, it said in a release.
All existing institutional investors — Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures — participated in this round, which also saw investments from prominent angels, including Gokul Rajaram, who had recently joined as a special advisor.
Livspace will utilise the funds to expand across metros in India, enhance design content and technology, hire senior-level talent across verticals and build innovative mobile and designer oriented products, the release added.
The home design and decor market in India is estimated at $30 billion, with the industry poised to grow at over 25 per cent year-on-year to create a category that is largely fragmented today.
Livspace said it is targeting a large chunk of this market and aims to be the dominant player in the space.
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