Livspace
| Company type | Private |
|---|---|
| Industry | Home interiors, Renovations |
| Founded | July 2014 |
| Founder | Anuj Srivastava, Ramakant Sharma |
| Headquarters | Singapore , Singapore |
Area served | Singapore, India, Saudi Arabia |
| Products | Interior design, Modular kitchens, Modular wardrobes |
Livspace (pronounced li-v-space) is a company specializing in home interiors and renovations, with its main office located in Singapore. It caters to customers in Singapore, India, and Saudi Arabia. Established in 2014 by IIT Kanpur graduates Anuj Srivastava (formerly at Google) and Ramakant Sharma (formerly at Myntra), Livspace has secured $450 million in investments and achieved a revenue of INR 1,148 crore during the fiscal year 2023. The firm focuses on interior design along with modular kitchen and wardrobe offerings.
History
Livspace was founded in July 2014 and introduced its own branded modular kitchens and wardrobes by December 2015, initially expanding to cities such as Bengaluru, New Delhi, and Mumbai. In 2016, the company launched an automated home design platform aimed at interior designers and created a network of design partners. Additionally, it opened four physical design studios outfitted with virtual reality technology in Bengaluru, Delhi, Gurugram, and Mumbai. By 2018, Livspace further extended its reach to Hyderabad, allocating INR 20 crore to support growth in that market.
Singapore
On 30 October 2019, Livspace commenced its operations in Singapore with an investment of $30 million. It formed a collaboration with IKEA Singapore to provide renovation services and set up temporary stores at IKEA Tampines and IKEA Alexandra locations. In 2021, the company launched a joint renovation studio alongside IKEA at Jurong Point.
India
Livspace entered the Indian market in 2014, establishing its headquarters in Bangalore. It delivers two primary service lines: Livspace Select, which offers modular products, and Livspace Vesta, which provides complete home interior solutions. The company runs 22 Experience Centres across India, including the largest facility situated in Marathahalli, Bangalore, covering an area of 23,000 square feet. In 2022, Livspace broadened its portfolio to include commercial interiors encompassing office spaces, retail outlets, hospitality venues, and warehousing facilities.
Expansion
In December 2015, Livspace introduced its own brand of modular kitchens and wardrobes, simultaneously extending its operations to Bengaluru, New Delhi, and Mumbai. The following year, the company launched a home design automation platform tailored for interior designers and established a design partner community initiative.
By 2018, Livspace had broadened its footprint to Hyderabad by opening an Experience Centre, subsequently entering the Chennai and Pune markets later that same year. In 2019, after a six-month trial period, Livspace expanded into Singapore as part of its broader APAC growth strategy. In January 2021, additional experience centres were inaugurated in Bangalore, Pune, and Chennai.
Acquisitions
During 2015, Livspace acquired DezignUp, a marketplace dedicated to design communities; later that year, it also took over Dwll.in, an online platform connecting designers with home decor retailers. In September 2015, the company further expanded by acquiring YoFloor, a mobile and virtual reality-based home design solution.
Funding
- In December 2014, Livspace secured $4.6 million in Series A funding from Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners.
- July 2015 saw Gokul Rajaram from Square join as a special advisor while also making an angel investment.
- An additional $8 million was raised in August 2015 through a Series A extension from existing backers.
- In August 2016, Livspace completed a $15 million Series B round led by Bessemer Venture Partners.
- Reports from 2018 indicate an extra $6 million infusion as part of the ongoing Series B round.
- That same year, Livspace closed a $70 million Series C funding round spearheaded by TPG Growth, Goldman Sachs, and previous investors.
- Ingka Group, associated with the IKEA franchise system, invested in Livspace in May 2019 as a strategic partner.
- The Series D financing round was finalized in 2020 with leadership from Kharis Capital, Tahoe Investment Group, and Venturi Partners.
- In February 2022, the company raised $180 million in a round led by KKR, reaching unicorn status with a valuation exceeding $1 billion. Other participants included Ingka Group Investments, Jungle Ventures, Venturi Partners, and Peugeot Investments.
Awards
- In 2017, Fast Company, a prominent technology and business publication, named Livspace among the world’s most innovative companies.
- The company received the Red Herring Top 100 Global award in 2018 in recognition of its significant influence within the technology sector.