Online home design and renovation platform Livspace, has announced raising $60 million funding from Hong Kong-based Tahoe Investment Group, along with Mercer Investments and EDB Investment.
This round also witnessed participation from Kharis Capital and Venturi Partners’ managing director Nicholas Cator in his personal capacity. As per the reports, the funding is across multiple allotments and is likely to close next month. By the time round closes, the company is expected to have raised $90-100 million.
With this, the company has now raised over $150 million in funding so far. This funding round comes more than a year after it had raised $70 million, which was led by TPG Growth and Goldman Sachs.
Livspace was founded in 2015 by Anuj Srivastava and Ramakant Sharma. The platform lets customers discover thousands of interior designs by colour, material, and style. It uses design, data science technology, and catalogues to create looks to help homeowners visualise their homes before making an online purchase.
Along with operating the online platform, the company also operates brick and mortar design studios in India. It takes end-to-end ownership of a housing project, right from design to manufacturing to installation.
Last year, in October, the company also expanded its presence from India to the international market, starting with Singapore. It is now planning to make Singapore its base for all Asia-Pacific markets, including Malaysia and Australia.
As for the financial data for the fiscal year that ended in March 2019, the company reported revenue of ₹80 crore on a loss of ₹146 crore. The majority expenses included employee benefit at ₹90 crore and marketing at ₹50 crore.
The startup directly competes with the likes of HomeLane and MyGubbi and is indirectly up against the likes of Pepperfry and UrbanLadder.
