Livspace Explained

Livspace
Type:	Private
Industry:	Interior design
Founded:	2014
Hq Location City:	Singapore
Hq Location Country:	Singapore
Area Served:	Singapore, India and Kingdom of Saudi Arabia
Revenue:	(FY23)^[1]
Website:	www.livspace.com

Livspace (pronounced as li-v-space), is a home interior and renovation company headquartered in Singapore. It provides interior design and renovation services in Singapore and India.^{[2] [3]} The company was founded in 2014 by Anuj Srivastava and Ramakant Sharma^[4] and has raised funding of $450 million.^[5]

History

Livspace was founded in July 2014 by IIT Kanpur alumni Anuj Srivastava, formerly of Google and Ramakant Sharma, formerly of Myntra. In December 2015, the company introduced its private label of modular kitchens and wardrobes and rolled out services in Bengaluru, New Delhi and Mumbai.^[6] In 2016, Livspace launched its home design automation platform for interior designers and announced its design partner community program.^[7] The startup later opened four offline design stores with virtual reality setups^[8] in Bengaluru, Delhi, Gurugram and Mumbai.^{[9] [10]} In 2018, Livspace announced expansion of its services to Hyderabad.^[11]

Operations

Singapore

Livspace launched its Singapore operations in 30 October 2019.^{[12] [13]} and partnered with IKEA Singapore to offer renovation services to their customers and set up pop-up stores in IKEA Tampines and IKEA Alexandra.^{[14] [15]} In 2021, Livspace opened a joint renovation studio with IKEA in Jurong Point.^[16]

India

Livspace launched its operations in India in 2014. The India head-quarter is situated in Bangalore.^[17] It has two services for the customers, namely Livspace Select (for modular products) and Livspace Vesta (full home interiors).^{[18] [19]}

It has 22 Experience Centres across the country including India’s largest experience centre in Marathahalli, Bangalore spanning 23,000 sq ft.^{[20] [21]} In 2022 Livspace expanded its operation to cover commercial spaces such as offices, retail, hospitality and warehousing among others.^[22]

Expansion

In December 2015, the company introduced its private label of modular kitchens and wardrobes and rolled out services in Bengaluru, New Delhi, and Mumbai.^[23] In 2016, Livspace launched its home design automation platform for interior designers and announced its design partner community program.^[24]

In 2018, Livspace announced expansion of its services to Hyderabad along with an Experience Centre in the city.^[25]  In November 2018, Livspace launched operations in Chennai and Pune markets.^[26] In 2019, as part of APAC expansions, Livspace made its entry into the Singapore market after a six month pilot.^[27] In January 2021, Livspace launched experience centres in Bangalore, Pune and Chennai.^[28]

Acquisitions

In March 2015, Livspace acquired DezignUp, a design community and marketplace for an undisclosed amount.^[29] Later in the same year, the brand announced its acquisition of Dwll.in, an online network of designers and home decor stores.^[30] In September 2015, Livspace acquired YoFloor, a mobile and virtual reality platform for home design.^[31]

Funding

• In December 2014, Livspace raised US$4.6 million (Series A) from investors Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners.^[32]
• In July 2015, it was announced that Gokul Rajaram of Square would be taking on a special advisory role in the startup and had made an angel investment.^[33]
• In August 2015, the startup raised another $8 million in its Series A extension funding round from existing investors Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners.^[34]
• In August 2016, Livspace raised US$15 million from Bessemer Venture Partners as part of its Series B funding.^[35]
• According to reports in 2018, the company raised an additional $6 million investment as part of the same round.^[36]
• In 2018, the company secured US$70 million in its series C round led by TPG Growth, Goldman Sachs and other existing investors.^{[37] [38]}
• In May 2019, the Ingka group, strategic partner in the IKEA franchise system, invested in Livspace.^[39]
• In 2020, Livspace completed its series D round led by Kharis Capital, Tahoe Investment Group and Venturi Partners.^{[40] [41]}
• In February 2022, Livspace raised $180 million^[42] in a new round of funding led by KKR, which valued the company over a billion, making it a unicorn. Other investors in the round were Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.

Awards

• Livspace was on the list of most innovative companies in the world, 2017 by Fast Company, an American technology, business and design magazine.^[43]
• Livspace was one of the winners of Red Herring Top 100 Global 2018 awards presented by Red Herring, a technology business magazine.^{[44] [45]}

Notes and References

1. Web site: Livspace posts Rs 1,148 Cr revenue in FY23. Entrackr. 21 September 2023 .
2. Web site: Home interior platform Livspace plans to invest US$30m to grow Singapore business, Garage - THE BUSINESS TIMES . 2021-08-01. www.businesstimes.com.sg . 30 October 2019 .
3. Web site: Bureau. BW Online. Home Design Platform Livspace To Invest $30 M In Singapore. 2021-08-01. BW Businessworld. en.
4. News: Kanth. K. Rajani. 2015-08-17. Dream decor for dream homes. Business Standard India. 2021-08-01.
5. News: 2022-02-08 . Livspace turns unicorn with $180 million funding led by KKR . Fortune . 2023-04-14.
6. News: Livspace enters modular kitchen and wardrobe segments, to roll out services in Bengaluru, Delhi, Mumbai. Ganguly. Payal. 2015-12-28. The Economic Times. 2018-08-22.
7. News: Livspace Announces Plan to Create 30 000 Design Entrepreneurs in India. Bureau. BW Online. BW Disrupt. 2018-08-22. en.
8. News: Small firms snap up VR opportunity to assist home-owners in designing, selection. @businessline. 2018-08-29. en.
9. News: Livespace opens offline design centres, earmarks Rs 25 crore for more centres - Times of India. The Times of India. 2018-08-29.
10. News: Small firms snap up VR opportunity to assist home-owners in designing, selection. @businessline. 2018-08-29. en.
11. News: Livspace forays into Hyderabad; earmarks Rs 20 cr for expansion. @businessline. 2018-08-29. en.
12. Web site: PTI. 30 Oct 2019. Livspace expands to Singapore, to invest $30 mn - Times of India. 2021-08-01. The Times of India. en.
13. Web site: Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years. 2021-08-01. Business Insider.
14. Web site: Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years. 2021-08-01. Business Insider.
15. Web site: hermes. 2019-09-27. Ikea rings up $341m in full-year revenue here. 2021-08-01. The Straits Times. en.
16. Web site: First look: IKEA S'pore launches interior design studio in Jurong Point with move-in ready packages from S$9,900. 2021-08-01. mothership.sg. en.
17. News: Livspace disrupts interior design ecosystem with Brand Capital . The Economic Times . 2022-05-10.
18. Web site: Livspace. Dream interiors made possible. 2021-08-22. Livspace India. en.
19. Web site: Livspace. The finest choice in modular solutions. 2021-08-22. Livspace India. en.
20. Web site: Livspace announces launch of 3 Experience Centres in Bengaluru, Chennai & Pune - Exchange4media . 2022-05-10 . Indian Advertising Media & Marketing News – exchange4media . en.
21. Web site: Livspace. Work With Livspace: You Design, We Deliver. 2021-08-22. Livspace India. en.
22. Web site: BUREAU . BENGALURU . December 7, 2022 . Livspace forays into commercial interior design with Livspace for Business . March 10, 2023 . The Hindu Business Line.
23. News: Ganguly. Payal. Livspace enters modular kitchen and wardrobe segments, to roll out services in Bengaluru, Delhi, Mumbai. The Economic Times. 2021-10-02.
24. Web site: India's Livspace raises $15 million for its online home design platform. 2021-10-02. TechCrunch. 30 August 2016 . en-US.
25. Web site: India. The Hans. 2018-07-10. Livspace forays into Hyderabad market. 2021-10-02. www.thehansindia.com. en.
26. Web site: Chengappa. Sangeetha. Livspace enters Chennai, Pune; earmarks ₹ 40 cr for expansion. 2021-10-02. @businessline. 20 November 2018 . en.
27. Web site: Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years. 2021-10-02. Business Insider.
28. Web site: Livspace announces launch of 3 Experience Centres in Bengaluru, Chennai & Pune - Exchange4media. 2021-10-02. Indian Advertising Media & Marketing News – exchange4media. en.
29. News: In A Bid To Scale Up Its Decor Range, Helion Backed LivSpace Buys Design Professionals Community & Marketplace DezignUp - Inc42 Media. 2015-03-30. Inc42 Media. 2018-08-22. en-US.
30. News: Livspace buys online network of interior designers Dwll.in. Reporter. B. S.. 2015-05-19. Business Standard India. 2018-08-22.
31. News: Livspace acquires mobile platform YoFloor. 2015-09-10. The Economic Times. 2018-08-22.
32. News: SoftBank invests $90 m in Housing.com. @businessline. 2018-08-29. en.
33. News: Square's Rajaram takes on advisory role at Livspace - Times of India. The Times of India. 2018-08-22.
34. News: Livspace raises $8 million from Helion, Bessemer, Jungle Ventures. Reporter. B. S.. 2015-08-12. Business Standard India. 2018-08-29.
35. News: Online design & furniture startup Livspace gets Rs 100 crore from existing investors - Times of India. The Times of India. 2018-08-29.
36. News: Livspace gets additional $6 m for tech upgrade. @businessline. 2018-09-19. en.
37. News: Livspace secures $70m in series C. Bansal. Varsha. 2018-09-19. The Economic Times. 2019-05-02.
38. News: 19 September 2018. Livspace Raises $70 Million in Round Led by Goldman Sachs, TPG. 2019-05-02. Bloomberg.com.
39. Web site: Tech in Asia - Connecting Asia's startup ecosystem. 2021-08-22. www.techinasia.com. en-US.
40. News: Press Trust of India. 2020-09-03. Livspace raises $90 mn in round led by Kharis Capital, Venturi Partners. Business Standard India. 2021-08-22.
41. Web site: Livspace(Home Interior Design E-commerce Pvt Ltd.) . 美股之家. 2021-04-18.
42. News: Sahay . Priyanka . Livspace raises $180 mn in funding round led by KKR, turns unicorn . 27 June 2022 . MoneyControl . 8 February 2022.
43. Web site: Livspace: Most Innovative Company. Fast Company. en-US. 2019-05-02.
44. Web site: 2018 Red Herring Top 100 Global: Winners. Red Herring. en-US. 2019-05-02.
45. Web site: Livspace Wins Red Herring Top 100 Global 2018 Award. The Week. en. 2019-05-02.