An exciting home improvement startup has announced the seventh unicorn startup of the year 2022
We’re only 10 days away from February 2022 and we’re talking about the seventh unicorn startup of the year. This is indeed a good and a wonder sign.
Let’s talk about unicorn startups. Explaining what a unicorn startup is, it is a private startup that is worth more than $1 billion. This term was first coined by Aileen Lee, who is the venture capitalist and founder of startup Cowboy Ventures. The term unicorn was given for the reason that such startups were very rare and very few of them were available at that time.
I recently came across a unicorn starter checklist that I found quite interesting. The listing says as follows-
The first step is to identify a problem that users are facing, then find and offer a solution for it.
The target market must be large and homogeneous.
Then create the product MVP and should only include the important and necessary features.
Test the MVP made with users and get feedback.
Make the required changes in the MVP based on the feedback.
Finally, create and launch the product.
The startup that achieves unicorn status takes a big step into the long life ahead. It takes the right idea, at the right time, with the right amount of investment and hard work that makes it possible.
Now let’s talk about the home improvement startup that recently gained unicorn status.
Announcing a new unicorn home improvement startup
The startup, Livspace, has raised funds worth $180 million, as announced on February 08, 2022. This round of funding we are talking about was the last round of funding and was led by KKR and Co. The others Participants in this round of funding were Ikea, which is the Swedish retailer, Jungle Ventures, Venturi Partners and Peugeot Investments.
The startup plans to use the funds raised to develop its business outside the country (overseas). The startup also intends to use part of the funds raised to strengthen its presence in major markets like our country, India, and also to expand and expand its product offerings.
The total funds raised by the home improvement startup after this round of funding rose to $450 million. The value of the startup after this round of funding was 1.2 billion dollars, thus crossing the 1 billion dollar mark, and entering the famous “Unicorn Club”. The startup is India’s seventh unicorn startup of the year 2022 and the 86th unicorn startup of the year.
About the newly-turned-unicorn home improvement startup
The startup, Livspace was founded in 2014 by Ramakant Sharma and Anuj Srivastava and is headquartered in India at Bengaluru, Karnataka. Bangalore is considered the Silicon Valley of India. The startup’s main headquarters are in Singapore. The startup is an interior and home renovation company that focuses on providing interior design and renovation services.
This home improvement startup started operations in Singapore in October 2019 and later partnered with IKEA in Singapore to provide home improvement services. The startup started its operations in India in 2014. The startup has two services to offer its customers – Livdspace Select which is for modular products, and Livspace Vesta for complete interiors.
In the country, the startup is operational in the following cities: Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Gurugram, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Lucknow, Mangalore, Mumbai, Mysore, Noida, Pune, Surat, Thane , Vijayawada and Vishakhapatnam. The startup has 22 experience centers with the largest being in Marathahalli, Bengaluru.
Talking about the previous financings of the home improvement startup, they are as follows-
In December 2014, the startup raised $4.6 million in a Series A funding round. Investors in this round were Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners.
In August 2015, the startup raised $8 million in its Series A expansion funding round. Investors in this funding round were Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners.
In August 2016, the startup raised $15 million in a Series B funding round. The investor in this funding round was Bessemer Venture Partners.
In 2018, the startup raised an additional $6 million in the Series B funding round.
In 2018, the startup raised $70 million in its Series C funding round. Investors in this funding round included TPG Growth, Goldman Sachs and other existing investors.
In 2020, the startup completed its Series D funding round. Investors in this funding round were Kharis Capital, Tahoe Investment Group, and Venturi Partners.
Talking about the awards and recognitions received by the startup, they are as follows-
The startup was one of the world’s most innovative companies in 2017. This list was curated by the American technology, business and design magazine, Fast Company.
The startup was one of the winners of the Red Herring Top Global 2018 award. This award was given by a technology magazine, Red Herring.
The co-founder of the startup Ramakant Sharma in 2017 was awarded the title of Hottest Young Entrepreneurs by BW BusinessWorld.
The 2020 Startup of the Year won the Design Excellence Award (Silver) for best residential design.
The startup has renovated over 35,000 homes, has over 1,500 expert designers and is present in 4 countries and 32 cities. The startup’s investors are Venturi, TPG, Goldman Sachs, Kharis Capital, FFP, Helion, Jungle ventures, UC-RNT Fund, Edbi and Pidilite. The startup predicts that over the next 24 to 36 months, its revenue will increase tenfold.
The home improvement startup has something very different to offer. We wish the startup luck and hope it has an amazing, beautiful and bright future ahead of it!
Edited and published by Ashlyn Joy