Personalised home furnishings provider Livspace has raised $4.6 million in a series A round of funding led by Helion Venture Partners and Bessemer Venture Partners, with participation from Jungle Ventures and other Indian investors.
The startup plans to use the funds raised to develop new products & technology, strengthen its management team and focus on home design & decor markets in India and South East Asia. As a part of the deal, Helion’s Rahul Chowdhri and Bessemer’s Akash Goel will join the company board.
Livspace currently focuses on furnishings for living rooms, bedrooms and dining rooms, and allows users to buy furniture like sofas, tables, beds, wardrobes, storage furniture and dining tables among others. But what’s different here is users can browse through various pre-created looks for living, dining and bedrooms that feature fully furnished rooms from various designers with a specific price tag. After selecting their preferred look, one can further customize items like colors, wall panels and blinds among others.
Livspace also claims to have tie-ups with large real-estate developers to offer pre-created interior designs including ready-to-install furnishings to customers who buy apartments from these developers. On purchase, goods are delivered in a few weeks, with the company taking care of the last mile installation.
Livspace also lets users hire a designer for consultation. It charges Rs 299 for a basic consultation including 30 minutes design consultation, a personalized look book and a looks of the season ebook, and charges Rs 25,000 for extended design consultation, 3D design for layouts, multiple customizable looks and the basic pack features. It also offers free interior design consultation for users unsure what to pick.
As of now, LivSpace operates in cities like Bangalore, Delhi, Mumbai, Chennai and Hyderabad with plans to expand to other cities in India and other markets like Singapore.
– In August this year, Urban Ladder had launched ‘UL Labs’, an initiative to work with digital startups from around the globe to develop solutions in various aspects of furniture buying. Following this, it had launched an augmented reality app called Living Spaces in October. In November, the company acqui-hired the Delhi based online marketplace for home decor and furniture products BuyNBrag. It had also introduced home trials for sofas, where users can apparently get up to 3 single seaters delivered to their home to try.
– Furniture and home decor marketplace Pepperfry had also raised $15 from Bertelsmann India Investments (BII), the Indian investment arm of the German media conglomerate Bertelsmann and existing investor Norwest Venture Partners (NVP) in May this year. The company claims to have tie-ups with more than 1,000 SMEs and artisans to offer more than 50,000 products on the site.
– Times Business Solutions’ property listing portal MagicBricks, also has its own Home Decor section, to offer information and local resources related to home furnishing and home improvement. The company had launched the section in May 2012, and had relaunched it again in December the same year.