Personalised home furnishings provider Livspace has raised $8 million in a round of funding from existing investors Helion Venture Partners, Jungle Ventures and Bessemer Ventures and angel investors including Gokul Rajaram. The platform will use the funds to hire, add new design content and expand to other cities in India.
Note that in December last year, Livspace 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 company had mentioned then that it would use the funding to develop new products & technology, strengthen its management team and focus on home design & decor markets in India and Southeast Asia.
DezignUp acquisition: Four months after the funding, Livspace acquired the design community and marketplace for consumers and design professionals, DezignUp, for an undisclosed amount. At the time, the company said this acquisition would help scale its business faster and offer more design choice to homeowners. Post acquisition, the co-founders of DezignUp and its core team joined the Livspace team.
Dwll acquisition: A month later in May, the company acquired the curated online network of interior designers Dwll.in. This was essentially a talent acquisition, with the co-founders of Dwll and its core team joining Livspace. As of now, Dwll continues to run as an independent website and offers furniture designs from designers across various cities. The platform also offers a service where users are matched up with relevant designers for redesigning projects.
Livspace itself 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. The USP being that 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.
The company 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. As of now, it operates in cities like Bangalore, Delhi, Mumbai, Chennai and Hyderabad with plans to expand to other cities in India and other markets like Singapore.
– Last month, furniture and home decor marketplace Pepperfry raised $100 million in funding led by Goldman Sachs, with participation from Zodius Technology Fund and existing investors Bertelsmann India Investments and Norwest Venture Partners.
– In April, Urban Ladder raised $50 million Series C round of funding led by Sequoia Capital with participation from TR Capital and existing investors Steadview Capital, Kalaari Capital and SAIF Partners. Subsequently, it raised an undisclosed amount of funding from Anand Rajaraman and Venky Harinarayan the same month.
– Bangalore-based online marketplace for fixed furniture HomeLane, raised $4.5 million in funding from Sequoia Capital with participation in individual capacity from Manipal Education and Medical Group’s Ranjan Pai and Manipal Global Education’s Mohandas Pai in February this year.
– Online home furnishing portal Bedbathmore.com had also received an undisclosed amount in Series A funding from Blume Ventures in May 2013 while Zansaar which had raised $6 million from Accel Partners and Tiger Global in Feb 2012.
– German startup incubator Rocket Internet, which operates FabFurnish in India, had closed a $500 million investment from existing investors in July 2013. Post investment, it was looking to launch e-commerce companies in the fashion, general merchandise and furniture sectors in countries like India, Europe, Africa and others.
– 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.
– Besides this, e-commerce ventures like Amazon India, Snapdeal, HomeShop18, Jabong and Infibeam also offer furniture products.