Online home design and decor marketplace Livspace has gulped in $8 million in an internal round of funding from existing investors Helion Ventures, Bessemer Venture Partners and Jungle Ventures. The funds will be deployed by the firm to to expand across metros, hire senior level talent and build mobile and designer oriented products.
While expansion is being given as a reason for this new internal round, the round could also be the reason of fresh acquisitions, which the company made within months of its series A round of funding. It has acquired two curated designer marketplace firms namely DezignUp and Dwll.in.
It got $4.6 million funding in Series A round in December 2014, and recently Gokul Rajaram, product engineering head at US payments startup Square joined as an advisor and also invested an undisclosed amount in the company.
It has been a high octane past few months since the launch of Livspace in December 2014. We’re seeing strong growth and business fundamentals across the board and have created an enviable content, and community driven commerce business in the home design space for the first time in India.
said Anuj Srivastava, CEO and Co-founder of Livspace.
Indian home design and decor online marketplace is one of the more emerging eCommerce segments with players like Pepperfry, Urbanladder already managing to garner majority public attention and new firms such as Homelane trying to establish themselves in the market.
With the design and decor market estimated at about $30 billion with an expected 25% year-to-year growth rate, a large portion of this market still remains mostly fragmented. This was echoed by the investors of Livspace as well.
The Indian end-to-end home design industry is very large but fragmented. It is heartening to see Livspace emerging as the disruptor and innovator in this category. We’re thrilled with the outstanding growth that the Livspace team has achieved across all business metrics – user traffic, engagement, product launches, and business traction – in a very short period of time.
said Akash Goel, Vice President, Bessemer Venture Partners.
Bengaluru based Livspace was founded by Anuj Srivastava, Ramakant Sharma who were senior executives at Google and Myntra respectively and Shagufta Anurag, founder of architectural design consultancy Space Matrix.
The company offers a number of design options and interiors to choose from its catalogs and get the desired look in a matter of weeks with its team of interior designers who work with engineering and technology department to come up with automated and ready made designs after taking the latest international trends and Indian tastes into consideration.