Home interiors firm Livspace has announced its plans to invests $30 million in Singapore and the Asia Pacific, while foodpanda has expanded its delivery services in Singapore to include groceries, flowers and household essentials.
Livspace to invest $30m to grow Singapore operations, expand to APAC
Livspace, a TPG Growth-backed home interiors and renovation startup, is investing $30 million to expand its operations in Singapore and the Asia Pacific (APAC).
According to a statement, the funds will be used to hire talent, build design experience centres and develop a regional supply chain.
Over the next two years, Livspace plans to employ over 250 people in Singapore, including central platform teams. It will also work towards onboarding freelance designers, contract manufacturers, OEMs and brands to build an e-commerce supply chain in the local home improvement industry.
“Over the next 30 months, we aim to build Livspace into a $500 million business operating across APAC and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace CEO and co-founder Anuj Srivastava.
During a six-month soft launch phase in Singapore, Livspace said it operated at a $15 million gross revenue run rate, growing 25 per cent month-on-month. The company added that it expects to cross $500 million in gross revenue run rate over the next 30 months.
Livspace has mainly focused on the India market since its launch.
Founded in 2015 by Ramakant Sharma and Srivastava, Livspace provides a marketplace and design platform connecting homeowners, designers, and vendors. It also operates a design-to-installation platform called Canvas.
According to Livspace, it occupies 80 per cent market share in India, making it the largest home interior and renovation platform in the country.
Livspace most recently secured an undisclosed minority investment from Swedish furniture giant IKEA in May. Last year, the company raised $70 million for its Series C led by Goldman Sachs and TPG Growth. Other investors include Bessemer Venture Partners, Jungle Ventures and Helion Ventures.
foodpanda Singapore expands delivery services to groceries, flowers and household essentials
foodpanda Singapore is expanding its roster of on-demand delivery services to include groceries, flowers and household essentials, in addition to food.
According to a statement, the Delivery Hero subsidiary is partnering over 1,000 retailers across Singapore including local grocer Hao Mart, gourmet food supplier The Fishwives, petrol kiosk store Caltex Starmart, traditional Chinese medicine firm Eu Yang Sang, local florists LilasBlooms and Toki, and baby products retailer Mothercare.
This rollout comes as honestbee, a Singapore-based online grocery delivery startup, attempts to build a recovery roadmap for itself following a massive financial fallout. The firm was granted a four-month debt moratorium by the Singapore High Court earlier this month and has until 31 January 2020 to work out a recapitalisation plan for its shareholders – some of which will involve converting its debt into equity and spinning off select parts of its business.
Apart from honestbee, the other players in the online grocery space in Singapore are RedMart, NTUC Fairprice Online, Cold Storage Online, Sheng Siong Online and Amazon Prime Now.