Livspace, a home interior and renovation platform, has announced a $180 million Series F fundraising from a global investment firm KKR. With this round, the company’s valuation has crossed $1 billion (unicorn valuation).

The Series F round also saw participation from existing investors such as Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others. The company has raised around a total of $450 million in capital till now.

With this funding, Livspace will launch in new markets, double down on brand building in India and Singapore, and continue investing in its platform technology and digitally integrated supply chain and hire, develop and nurture talent across the board to support both new and existing businesses. The funds will also be channeled towards strategic investments into innovative companies to help the company scale and grow even faster. Livspace has recently acquired a majority stake in Qanvast, a Singapore-based home remodeling and design platform connecting homeowners and trusted home professionals.

“We have scaled up international expansion, starting with the Middle East in 2021. Building on this growth momentum, we are now looking to further expand our presence in APAC, MENA and Australia in the next 24 months. We recently announced our entry in the MENA region. The plan is to start operations in Saudi Arabia by 2022 followed by the UAE. We will also launch operations in Malaysia soon, followed by Thailand, Indonesia and Vietnam,” Anuj Srivastava, Co-Founder and CEO of Livspace, told BusinessLine.

Further, Livspace’s Singapore business is said to be growing at 10-15 per cent month-on-month and contributing 20 per cent to the company’s overall business. The company claims to have grown 2x in the last five months, witnessing over 400 per cent growth in the past 24 months.

“We will be closing new orders worth $350-400 million by the March 2022 quarter and we are looking at $700 million by 2023. Our India operations broke even in March 2021 and we are expecting company-wide profitability in the next 12 -18 months.” Srivastava added.

Fresh investments

Ramakant Sharma, Co-Founder and COO of Livspace, added, “As the largest player in this industry, we look to expand our spectrum of new offerings for the homeowner, create the best technology for our marketplace partners and deliver dream homes to our customers across all geographies. With the fresh investments, we are well set up to launch new solutions for homeowners and become the go-to platform brand for all things home.” The company aims to heavily invest in its mobile applications, artificial intelligence, machine learning, and visualisation solutions for the home improvement industry.

Gaurav Trehan, Partner and CEO of KKR India, said, “We are pleased to invest in Livspace, a unique, tech-enabled business with terrific growth potential. Our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India. Anuj and Ramakant have been leaders in evolving the home renovation industry, and KKR looks to draw on our deep technological and operational expertise, as well as our regional and global network, to support Livspace’s continued growth.”

KKR is making the investment in Livspace from its Asia next-generation technology strategy. Livspace is KKR’s latest growth technology investment in Asia and adds to other recent investments in the region including Lenskart, an omni-channel eyewear retailer in India, moody, a tech-enabled eyewear company in China, Adopt A Cow, a digitalised, direct-toconsumer dairy company in China, GrowSari, an e-commerce platform serving micro, small and medium-sized enterprises (MSMEs) in the Philippines, and KiotViet, a merchant platform for MSMEs in Vietnam.

Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace provides end-to-end home interiors and renovation services. Since its launch, the company has delivered over 100,000 rooms and sold over 7.5 million SKUs through its platform. Livspace currently serves Singapore and Malaysia, as well as 30 metro and non-metro areas in India.

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