Singapore-based Livspace, Southeast Asia and India’s largest home interiors and renovation platform, has raised $90 million in an oversubscribed round, per an announcement.
This marks the Series D round for the company that was led by Kharis Capital, a Switzerland based investment firm focussed on managing selective direct private equity investments, and Venturi Partners, an investment platform targeting growth investments in the consumer space in India and Southeast Asia.
The round also saw participation from new investors EDBI, an investment firm headquartered in Singapore with a focus on technology-driven innovative companies, FFP and Pidilite and existing investors Ingka Investments, TPG Growth, Goldman Sachs, UC-RNT and Bessemer Ventures.
The latest capital infusion will be utilised for further development of the technology platform, fund new market expansion, creation of new market offerings, expansion of supply chain and private labels in APAC.
Established in 2014 by Anuj Srivastava and Ramakant Sharma, Livspace claims to be the market leader in the home renovation space in all its launched markets. The company launched its services in Singapore in October 2019. Collectively, it has designed over 20,000 homes with one family choosing Livspace for their home renovation every hour.
The company is currently evaluating its foray in countries such as Australia, Malaysia and Indonesia in the APAC region and the Middle East as its next markets, where the interior and renovation industry is equally fragmented and presents a ripe opportunity for Livspace’s platform-based market entry.
“Our vision is to build the world’s most innovative home interiors renovation platform,” said Srivastava, CEO and co-founder at Livspace. “This new round of investment goes on to endorse our vision and our innovative platform approach.
In India, where Livspace is already present in nine metro areas, the company is evaluating dozens of new cities including Kolkata, Lucknow, and Ahmedabad.
Since its last funding round by Ingka Capital, TPG Growth and Goldman Sachs last year, Livspace claims to have quadrupled its revenue, doubled its margin.
The company hit a gross revenue run rate of over $200 million in March 2020 and is projected to grow into a $500 million business in the next 24-30 months. Its India operations are expected to be profitable in 2021.
“I have known Anuj and Ramakant since 2018 ….their strength lies in the deep moats that they have created in areas such as their technology innovation, brand salience, ever-expanding supply chain and ability to build attractive unit economics across markets,” said Nicholas Cator, managing partner at Venturi Partners.
Meanwhile, Swee Yeok CHU, CEO and President at EDBI added: “The Livspace platform revolutionises a very traditional industry; their technology is massively improving the consumer experience in a very fragmented industry as well as scaling the businesses of thousands of home improvement professionals including designers, contractors, fit-out furniture manufacturers.”