Banking on its strong growth over the past couple of years, Livspace, the home design startup which was founded in 2014, has secured a fresh $70 Million in a Series C round. The round was led by marquee names including TPG Growth and Goldman Sachs. Livspace has already designed over 6000 homes till date, and is expecting a revenue of close to $125 Million in this fiscal year.
The current Series C round also saw participation from existing investors such as Jungle Ventures, Bessemer Venture Partners and Helion Ventures. The transaction, which was advised by Avendus Capital, has valued the four-year-old company at around $250-300 million, according to a report published by Economic Times this morning.
The startup, which was founded in 2014 to counter a huge gap in India’s extremely scattered home design industry, now has over 2000 interior designers registered on its platform. The startup currently operates in 7 major Indian cities, most of them being cosmopolitan hubs like Mumbai, Gurgaon, Hyderabad and Bangalore.
According to the company, this Series C round will be deployed in getting a tighter grip on the company’s offline footprint along with marketing and branding spends. The company already claims profitability in Bengaluru, Mumbai and Delhi with its offerings making 17% contribution margin. It now plans to expand its presence to Pune and Chennai in the coming months.
Livspace operates four large and 20 mini experience centres, and expects to double this by the end of FY19 to almost 50 with a mix of large and small centres. It also has plans to foray overseas.
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