Livspace, Bengaluru-based interior design platform announced that it has secured $70 million in SeriesC round from TPG Growth and Goldman Sachs. The financial advisor of the company for the latest round was Avendus Capital. The company is expected to touch a valuation of $23 billion by 2022. The fresh round of capital infusion will be utilised to fuel its expansion of operations to six more metros by 2019 to a total of 13. Currently, it serves in Bangalore, Gurgaon, Noida, Delhi, Hyderabad and Mumbai. It also plans to amplify its reach in these existing markets.
“This August, Livspace launched operations in Hyderabad and is on track to hit over USD 125-135 million in annualised gross revenue by March 2019,” said in a statement released by the company.
The online interior design and renovation platform was founded by Ex-Googler Anuj Srivastava and Ramakant Sharma former vice-president of engineering in Myntra in the year 2015. Three years after its launch, Livspace has emerged as a top player in India’s interior and renovation ecosystem. The startup pertains with the delivery of home interiors, including kitchens, wardrobes, furniture, decor and provides all contracting services like flooring, ceilings, painting, etc.
Livspace co-founder and CEO Anuj Srivastava asserted that:
"Our vision is to evolve Livspace into one of the biggest and most admired consumer internet companies to emerge out of India. The industry has suffered from chaos. There’s little to no aggregation on supply and demand, and there is significant opportunity for tech-based platform to unite consumers, agents and the supply chain market. We have focused so far on doing one market really, really, well. We wanted to make sure you can knock it out of the park first.”
The company also has its physical presence in the cities to render consumers to have a preview of the furniture and other materials. The Design Centres also bring the designer and the customer together if needed. Earlier, Livspace had pulled in $33.6 Million by Jungle Venture Partners, Bessemer Venture Partners, Helion Ventures and UC-RNT.