Online home design firm Livspace has raised about $100 million in a fresh funding round led by new investors Kharis Capital, a European investment management firm, along with Singapore’s Venturi Partners, DealStreetAsia has independently confirmed.
Existing backers Goldman Sachs, private equity firm TPG Growth, Swedish furniture firm Ikea, Ratan Tata’s UC-RNT Fund also invested in the round. An announcement on the same is expected soon.
The development was first reported by Mint last month.
Responding to an emailed query by this website, a Livspace’s spokesperson said, “At Livspace, we do not comment on market speculation.”
The startup plans to use the funding to expand its footprint beyond metros in India, and to ramp up its operations in Singapore. It plans to launch its services in Chandigarh, Kanpur and Lucknow, Mint said in its report.
Livspace was founded in 2015 by former Google executive Anuj Srivastava and his friend Ramakant Sharma, who was earlier with Myntra. It claims to be India’s largest home interior and renovation platform. The company brings together homeowners, interior designers and vendors, allowing homeowners to design their homes in a predictable and fuss-free way. It offers its services across seven cities in India, and boasts of over 5000+ customers and 2000+ interior designers.
Livspace has raised over $95 million in funding till date.
Ikea, through Ingka Investments, picked up a minority stake in Livspace for an undisclosed amount in May last year. Less than a year prior, the Bengaluru-based company raised $70 million in a round led by TPG Growth and Goldman Sachs. Existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures had also participated in the round.
Its competitors in the space include Sequoia Capital-backed HomeLane, as well as furniture e-retailers, Pepperfry and Urban Ladder.
Last month, HomeLane raised $30 million in a fresh round of funding to fuel its expansion into home renovation as a service and to expand into 10 new cities. The startup’s Series D round was led by new investors, including a Dubai-based investor’s private equity firm Evolvence India Fund (EIF), Pidilite Group and New-York based investment firm FJ Labs, with participation from Sequoia Capital, Accel Partners, and JSW Ventures.
Meanwhile, both Pepperfry and Urban Ladder are also expanding their offline stores, adding to their inventory and beefing up their supply chain. Pepperfry is reportedly gearing up for an initial public offering (IPO) in 12-15 months.