Livspace Funding: Home improvement startup Livspace closes new KKR-led funding at $1.2 billion valuation

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Mumbai:
Omnichannel Home Interiors Platform Livspace Raises $180M in New PE-Led Funding Round KKR fund, which values ​​the company at $1.2 billion. This makes Livspace the newest entrant into the coveted unicorn club of startups with a valuation of over $1 billion. ET was first to report the development on January 7.

Livspace will use the capital to expand overseas, deepen its presence in key markets such as India and expand its product offering, a senior company official told ET.

The funding round also saw participation from existing investors such as Ingka Group Investments (part of the largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners and Peugeot Investments, among others. To date, it has raised $450 million from investors.

Founded in 2014 by Ramakant Sharma and Anuj Srivastava, Livspace claims to be the largest omnichannel interior design and renovation company. It has delivered over 100,000 rooms and sells over 7.5 million items through its platform.

“Our business is growing exponentially in India and Singapore and we aim to replicate this playbook, launch new solutions and accelerate our launches in new markets with operations in APAC, MENA and India. Australia,” said Anuj Srivastava, co-founder and CEO of Livspace.

According to him, the company is expected to grow tenfold in revenue over the next 24 to 36 months. In October last year, the company expanded into the Middle East, starting in Saudi Arabia where it formed a joint venture with Alsulaiman Group (ASG).

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Livspace will continue to invest in its technology and digitally integrated supply chain, as well as hire talent at all levels to support new and existing businesses, Srivastava told ET.

Livspace currently serves Singapore and Malaysia, as well as 30 metropolitan and non-metropolitan areas in India.

“With the new investments, we are well prepared to launch new homeowner solutions and become the go-to platform brand for all things home,” said Ramakant Sharma, co-founder and COO, Livspace.

The funds will help the company build a warchest to execute its inorganic growth strategy. It recently acquired a majority stake in Qanvast, a Singapore-based home renovation and design player.

“KKR seeks to leverage our deep technology and operational expertise, as well as our regional and global network, to support Livspace’s continued growth,” said Gaurav Trehan, Partner and CEO of KKR India.

This is KKR’s second investment in India’s new age tech-focused businesses. Recently, he participated in a funding round for omnichannel eyewear retailer Lenskart. It made these investments as part of its next-generation technology strategy in Asia.

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