Livspace

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Livspace
Company typePrivate
IndustryInterior design
Founded2014
Founder
  • Shrikant Sharma
  • Ramakant Sharma
Headquarters
Singapore
,
Singapore
Area served
Singapore, India and Kingdom of Saudi Arabia
RevenueIncrease ₹1,148 crore (US$140 million) (FY23)[1]
Negative increase ₹−793 crore (US$−99 million)
Websitewww.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[edit]

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[edit]

Singapore[edit]

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[edit]

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[edit]

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[edit]

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[edit]

  • 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.[citation needed]

Awards[edit]

  • 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]
  • Co-Founder Ramakant Sharma won India's Hottest Young Entrepreneurs award by BW BusinessWorld, an Indian business magazine, in 2017.[46]
  • Ramakant Sharma was on the list of 50 most influential young Indians in 2018 published by GQ India, the Indian edition of the American monthly magazine published by Conde Nast.[47]
  • Livpsace won the Design Excellence Award (Silver) for Best Residential Design in 2020[48][49]

References[edit]

  1. ^ "Livspace posts Rs 1,148 Cr revenue in FY23". Entrackr. 21 September 2023.
  2. ^ "Home interior platform Livspace plans to invest US$30m to grow Singapore business, Garage - THE BUSINESS TIMES". www.businesstimes.com.sg. 30 October 2019. Retrieved 1 August 2021.
  3. ^ Bureau, BW Online. "Home Design Platform Livspace To Invest $30 M In Singapore". BW Businessworld. Retrieved 1 August 2021.
  4. ^ Kanth, K. Rajani (17 August 2015). "Dream decor for dream homes". Business Standard India. Retrieved 1 August 2021.
  5. ^ "Livspace turns unicorn with $180 million funding led by KKR". Fortune. 8 February 2022. Retrieved 14 April 2023.
  6. ^ Ganguly, Payal (28 December 2015). "Livspace enters modular kitchen and wardrobe segments, to roll out services in Bengaluru, Delhi, Mumbai". The Economic Times. Retrieved 22 August 2018.
  7. ^ Bureau, BW Online. "Livspace Announces Plan to Create 30 000 Design Entrepreneurs in India". BW Disrupt. Retrieved 22 August 2018.
  8. ^ "Small firms snap up VR opportunity to assist home-owners in designing, selection". @businessline. Retrieved 29 August 2018.
  9. ^ "Livespace opens offline design centres, earmarks Rs 25 crore for more centres - Times of India". The Times of India. Retrieved 29 August 2018.
  10. ^ "Small firms snap up VR opportunity to assist home-owners in designing, selection". @businessline. Retrieved 29 August 2018.
  11. ^ "Livspace forays into Hyderabad; earmarks Rs 20 cr for expansion". @businessline. Retrieved 29 August 2018.
  12. ^ "Livspace expands to Singapore, to invest $30 mn - Times of India". The Times of India. PTI. 30 October 2019. Retrieved 1 August 2021.
  13. ^ "Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years". Business Insider. Retrieved 1 August 2021.
  14. ^ "Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years". Business Insider. Retrieved 1 August 2021.
  15. ^ hermes (27 September 2019). "Ikea rings up $341m in full-year revenue here". The Straits Times. Retrieved 1 August 2021.
  16. ^ "First look: IKEA S'pore launches interior design studio in Jurong Point with move-in ready packages from S$9,900". mothership.sg. Retrieved 1 August 2021.
  17. ^ "Livspace disrupts interior design ecosystem with Brand Capital". The Economic Times. Retrieved 10 May 2022.
  18. ^ Livspace. "Dream interiors made possible". Livspace India. Retrieved 22 August 2021.
  19. ^ Livspace. "The finest choice in modular solutions". Livspace India. Retrieved 22 August 2021.
  20. ^ "Livspace announces launch of 3 Experience Centres in Bengaluru, Chennai & Pune - Exchange4media". Indian Advertising Media & Marketing News – exchange4media. Retrieved 10 May 2022.
  21. ^ Livspace. "Work With Livspace: You Design, We Deliver". Livspace India. Retrieved 22 August 2021.
  22. ^ BUREAU, BENGALURU (7 December 2022). "Livspace forays into commercial interior design with Livspace for Business". The Hindu Business Line. Retrieved 10 March 2023.
  23. ^ Ganguly, Payal. "Livspace enters modular kitchen and wardrobe segments, to roll out services in Bengaluru, Delhi, Mumbai". The Economic Times. Retrieved 2 October 2021.
  24. ^ "India's Livspace raises $15 million for its online home design platform". TechCrunch. 30 August 2016. Retrieved 2 October 2021.
  25. ^ India, The Hans (10 July 2018). "Livspace forays into Hyderabad market". www.thehansindia.com. Retrieved 2 October 2021.
  26. ^ Chengappa, Sangeetha (20 November 2018). "Livspace enters Chennai, Pune; earmarks ₹ 40 cr for expansion". @businessline. Retrieved 2 October 2021.
  27. ^ "Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years". Business Insider. Retrieved 2 October 2021.
  28. ^ "Livspace announces launch of 3 Experience Centres in Bengaluru, Chennai & Pune - Exchange4media". Indian Advertising Media & Marketing News – exchange4media. Retrieved 2 October 2021.
  29. ^ "In A Bid To Scale Up Its Decor Range, Helion Backed LivSpace Buys Design Professionals Community & Marketplace DezignUp - Inc42 Media". Inc42 Media. 30 March 2015. Retrieved 22 August 2018.
  30. ^ Reporter, B. S. (19 May 2015). "Livspace buys online network of interior designers Dwll.in". Business Standard India. Retrieved 22 August 2018.
  31. ^ "Livspace acquires mobile platform YoFloor". The Economic Times. 10 September 2015. Retrieved 22 August 2018.
  32. ^ "SoftBank invests $90 m in Housing.com". @businessline. Retrieved 29 August 2018.
  33. ^ "Square's Rajaram takes on advisory role at Livspace - Times of India". The Times of India. Retrieved 22 August 2018.
  34. ^ Reporter, B. S. (12 August 2015). "Livspace raises $8 million from Helion, Bessemer, Jungle Ventures". Business Standard India. Retrieved 29 August 2018.
  35. ^ "Online design & furniture startup Livspace gets Rs 100 crore from existing investors - Times of India". The Times of India. Retrieved 29 August 2018.
  36. ^ "Livspace gets additional $6 m for tech upgrade". @businessline. Retrieved 19 September 2018.
  37. ^ Bansal, Varsha (19 September 2018). "Livspace secures $70m in series C". The Economic Times. Retrieved 2 May 2019.
  38. ^ "Livspace Raises $70 Million in Round Led by Goldman Sachs, TPG". Bloomberg.com. 19 September 2018. Retrieved 2 May 2019.
  39. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 22 August 2021.
  40. ^ "Livspace raises $90 mn in round led by Kharis Capital, Venturi Partners". Business Standard India. Press Trust of India. 3 September 2020. Retrieved 22 August 2021.
  41. ^ "Livspace(Home Interior Design E-commerce Pvt Ltd.)". 美股之家. 18 April 2021.
  42. ^ Sahay, Priyanka (8 February 2022). "Livspace raises $180 mn in funding round led by KKR, turns unicorn". MoneyControl. Retrieved 27 June 2022.
  43. ^ "Livspace: Most Innovative Company". Fast Company. Retrieved 2 May 2019.
  44. ^ "2018 Red Herring Top 100 Global: Winners". Red Herring. Retrieved 2 May 2019.
  45. ^ "Livspace Wins Red Herring Top 100 Global 2018 Award". The Week. Retrieved 2 May 2019.
  46. ^ Amin, Ruhail. "Redefining Indian Homes In Style". BW Businessworld. Retrieved 2 May 2019.
  47. ^ "GQ's 50 Most Influential Young Indians of 2018". GQ India. 5 December 2018. Retrieved 2 May 2019.
  48. ^ Livspace. "Livspace.com". Livspace.com. Retrieved 22 August 2021.
  49. ^ "Design Excellence Awards 2020 | Programmes | Design Excellence Awards | IDCS". Interior Design Confederation Singapore (IDCS). Retrieved 22 August 2021.
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