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Friday, July 12, 2024

Omnichannel home interiors platform Livspace joins unicorn club with new $1.2B funding

Omnichannel home interiors platform Livspace is now a unicorn. The company has just closed a new $1.2 billion funding round.

Livspace, a startup that specialises in home interiors and renovations, has raised $180 million in a new round of funding spearheaded by private equity firm KKR, valuing the company at $1.2 billion. This makes Livspace the newest member of the exclusive unicornclub of firms valued at more than a billion dollars.

According to a senior company official, Livspace would use the funds to grow internationally, strengthen its position in key regions such as India, and broaden its product offerings.

Existing investors included Ingka Group Investments (part of the largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others, in the investment round.Investors have so far contributed $450 million.

Livspace, founded in 2014 by Ramakant Sharma and Anuj Srivastava, bills itself as the world’s largest omni-channel home interior and refurbishment company.

It has supplied over 100,000 rooms and sold over 7.5 million goods on its site.

Cofounder and CEO Anuj Srivastava, said Livspace is expanding phenomenally not only in India but also in Singapore. The company now plans to offer additional products, and accelerate its launches across new regions with operations in APAC, MENA, and Australia.

According to him, the company’s income is expected to grow tenfold over the next 24-36 months.The company entered the Middle East in October of last year, beginning with Saudi Arabia, where it launched a joint venture with the Alsulaiman Group (ASG).

Srivastava stated that Livspace will continue to invest in its technology and digitally connected supply chain, as well as hire talent across the board, to serve both new and existing businesses.

Livspace now services Singapore and Malaysia, as well as 30 Indian metro and non-metro locations.

“With the new funding, we are well positioned to introduce new products for homes and become the go-to platform brand for all things home,” said Ramakant Sharma, Livspace’s cofounder and COO.

The cash will be used to assist the company develop a war chest in order to carry out its inorganic expansion strategy. It recently purchased a majority stake in Qanvast, a Singapore-based player in house remodelling and design.

Gaurav Trehan, partner and CEO of KKR India said, “KKR looks forward to leveraging our strong technological and operational knowledge, as well as our regional and worldwide network, to assist Livspace’s continuing expansion.”

This is KKR’s second investment in Indian tech-led new age companies. It recently took part in a fundraising round for omnichannel eyeglasses retailer Lenskart. These investments are part of the company’s Asia next generation technology strategy.

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