Livspace has raised $70 million in a Series C funding led by TPG Growth and Goldman Sachs and participation from existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures.
The company will use the funds to expand to 6 ‘metro areas’ by 2019 and ‘achieve deeper penetration in existing markets.’ It will also grow its offline Livspace Design Centres, invest in its community and vendor marketplace, add new home interior solutions and products and technology innovations for homeowners and designers through the Canvas platform.
Livspace claims that:
- In the last 18 months, its gross revenues have more than quadrupled and it has achieved unit-economics profitability in its previously launched markets
- It got 25,000 applications from interior designers and small design studios, 10% of which are certified partners
- It completes a home interior project every two hours
- It is on track to hit $125-135 million in annualised gross revenues by March 2019
It operates in Bengaluru, Delhi, Gurgaon, Hyderabad, Mumbai, Noida and Thane, and has 4 design centres and 15 “experience apartments” in India.
Livspace has previously raised a total of $33.6 million from Jungle Venture Partners, Bessemer Venture Partners, Helion Ventures, and UC-RNT including:
- $4.6 million in Series A round in 2014
- $8 million in August 2015
- $14 million in August 2016
Some of Livspace’s competitors include Pepperfry, UrbanLadder and FabFurnish.