It seems that we are seeing a replay of what happened last year – startups are raising record amounts of capital from global and domestic investors and expanding. This year, we have already seen six unicorns from India, and now, a new name is added to the list — home interior and renovation major, Livspace.
Livspace, the omnichannel home interior and renovation platform, has entered the coveted unicorn club as it raised $180 million in its Series F funding round. The round was led by global investment firm KKR and included participation from existing investors such as Ingka Group Investments, Jungle Ventures, Venturi Partners, Peugeot Investments, and others. Livspace is now valued at $1.2 billion.
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace has evolved into one of the largest and fastest-growing omni-channel home interiors and renovation platforms in the continent. Its services include civil work, custom furniture, false ceiling, flooring, tiling, cladding, and more, and has one of the largest digitally integrated supply chains in the home improvement industry.
With Livspace, you can discover, choose, and buy pre-created customizable designs for rooms, kitchens, and storage areas.
Today, it serves Singapore and Malaysia, as well as 28 metro and non-metro areas in India (including Bengaluru, Delhi/NCR, Mumbai, Hyderabad, and Chennai). It claims to have delivered over 100,000 rooms and sold over 7.5 million SKUs through its platform, and aims o cover 65-70 cities by the end of 2023. So far, it has raised around $450 million in funding from global investors.
“Our business is growing exponentially in both India and Singapore and we aim to replicate this playbook, launch new solutions and accelerate our launches across new markets with operations across APAC, MENA, and Australia,” said Anuj Srivastava, co-founder, and CEO of Livspace.
Livspace is keen on growing, and the proceeds from the funding round will be used for exactly that purpose. The funds will be deployed to support its plans of entering new markets such as UAE, the Middle East, and Australia. It will also double down on brand building in India and Singapore, and continue to make investments in its platform technology and supply chain.
Additionally, it will hire, develop, and nurture talent across the board, and also make strategic investments into innovative companies to help them scale and grow even faster.
We saw over 40 unicorns emerge from India last year, and the country overtook the UK to emerge as the third highest country in the number of unicorns after US and China last year. The annual count even bettered China, and a repeat seems to be on the cards.