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Home-interior and renovation platform Livspace has announced that it has raised $70 million in Series C funding.
The round was led by private-equity and venture-capital firm TPG Growth and global investment bank Goldman Sachs, and included participation from existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures.
Livspace, which currently services seven major metro areas, will utilise the funds to expand its operations to six more metro areas by 2019, while aiming for deeper penetration in existing markets.
Livspace launched operations in Hyderabad in August, and is on track to hit over $125 million in annualised gross revenue by March 2019.
To fuel its expansion efforts, the firm plans to grow its offline footprint through Livspace Design Centres, the company’s experiential stores that play a key role in its omni-channel strategy. “Our vision is to evolve Livspace into one of the biggest and most admired consumer internet companies to emerge out of India,” said Anuj Srivastava, co-founder and CEO, Livspace.
“In an industry that has traditionally struggled with scale, we have created a first-of-its-kind, design-to-installation technology platform and a marketplace model that is highly scalable. The model can deliver strong unit economics.”
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