Livspace, the country’s largest home interiors and renovation platform, has received an additional investment of $6 million from Deep Nishar, the Managing Director of Softbank Group Corp.
Others who have made investments are UC-RNT fund, and prominent Silicon Valley angels, including Rajeev Madhavan and Gokul Rajaram, the former Google executive, who is also known as the Godfather of Adsense.
The existing investors of Livspace include Bessemer Venture Partners, Helion Ventures and Jungle Ventures. The funds have been utilised to bolster their proprietary technology – the design platform ‘Canvas’ – and grow their design partner community.
Anuj Srivastava, CEO and co-Founder, Livspace.com, added: “These investments, which were made by some of the most respected names in the technology industry, is an endorsement of Livspace’s visionary platform approach to home design. We have seen an astounding growth in the past 12 to 18 months. We are well on our way to becoming the leader in the $25-billion home-design market in India."
The $6-million funding was disclosed in a filing with the Singapore’s Accounting & Corporate Regulatory Authority, according to business intelligence platform, paper.vc.
Livspace’s business grew about 300 per cent last year, driven by the successful launch of Canvas, the proprietary home-design platform, which received over 11,000 design partner registrations, as well as some of the highest order-level profit margins in the industry.