Livspace, India’s one of the leading online home design company, has today announced that it has raised INR 100 crore from existing investors in its third round of funding.
The round was led by Bessemer Ventures Partners, along with participation from Jungle Ventures and Helion. This round of funding comes within weeks of the launch of the world’s first ‘Home Design Automation Platform’.
The funds will be used to expand operational footprint across metro cities (NOIDA, Gurgaon, Mumbai in 2016 and Pune, Hyderabad in 2017), set up new Livspace design studios with VR technology integration for the best home design experience.
The company will also expand the design automation platform across thousands of freelance designers in the country, and strengthen the catalog depth, launch new modular products, and further optimize the backend technology.
Founded by Anuj Srivastava and Ramakant Sharma, Livspace is home to India’s biggest community of home design enthusiasts with more than 600 thousand users. Since its inception in December 2014, Livspace has raised $27.6M since inception.
Within just one year of its launch, Livspace made three acquisitions – DezignUp, Dwll.in, YoFloor and launched an exclusive line of Modular Kitchen and Wardrobe systems with deep eCommerce integration which now generates over 50% of Livspace’s business.
Over the next year, Livspace aims to dramatically scale customer experience and make it rich, transparent, and predictable such that anyone can have a beautiful home in less than 12 weeks and modular installations in 8 weeks in India.
Anuj Srivastava, CEO and Co-founder of the company said, “We’ve built an enviable company which is truly a pioneer in its space worldwide. Ramakant and I want to create a truly innovative technology company out of India, with large scale revenue, and a commercially profitable footprint. By combining the principles of platform, technology and design, we have built Livspace into a technology-driven, consumer internet company that continues to make explosive growth across all business metrics”.
Speaking on the investment, Vishal Gupta, Managing Director, Bessemer Venture Partners, said, “We are very impressed with the pioneering approach, traction, and commercial scale achieved by Livspace, in a short period of time. Livspace is already India’s largest online home design company and continues to see tremendous demand side scale due to the recently announced home design automation platform. Anuj and Ramakant are seasoned entrepreneurs and we are thrilled to partner with them and grow Livspace into one of India’s most admired venture backed company.”