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Livspace to invest Rs 25 crore into offline initiatives

Online home interior design and execution platform Livspace will invest Rs 25 crore to expand its flagship design centers. The company plans to increase the number of design centers which include experience apartments, small format design centers and flagship centers to 25. The company currently has 11 centers in Delhi-NCR, Bangalore and Mumbai. The company also announced that it has opened four new design centers.

The company opened its first design center in Bangalore in 2015. The company claimed it registered a 35% higher average conversion rate in Bangalore as compared to other cities because of the center. Around 5000 consumers bought designs ranging from Rs 6 lakh to Rs 15 lakh in Bangalore through the design center.

How design centers work

The design center showcases various products of the company. Once a design has been finalized, an automated order is placed for the items and is serviced like an e-commerce order. Within the given time frame, the company’s installation and services team delivers the design at the consumer’s location.

Funding

In 2014, the company raised $ 4.6 million in Series A round from Bessemer Venture Partners and Singapore-based Jungle Ventures, along with Helion Venture Partners. This was followed by $ 8 million in August 2015, and $14 million in August last year from the same investors.

Competition

Online furniture portals have started investing extensively in offline experience centers. Pepperfry, in February, said it will invest about $6 million this year to increase its store count from 14 to 50. Currently, it has stores in Mumbai, Delhi, Hyderabad, Chennai, Bangalore and Pune and plans to have new stores set up in cities such as Ahmedabad, Kochi, Chandigarh, and Lucknow. On the other hand, Urban Ladder plans to launch 20 stores in the next two years. It has already launched 2 stores in Bangalore and is experimenting with various formats.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ