Home interior and renovation platform Livspace has turned unicorn after raising USD 180 million in a funding round led by investment firm KKR at a valuation of over USD 1 billion, the company said on Tuesday.
Existing investors including Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments also participated in the Series F funding round.
The company plans to use the capital to expand its market reach both within India as well as overseas. “We are honored to collaborate with KKR in our next phase of growth and for the trust expressed by our existing shareholders”.
“Their deep understanding of global markets, strong brand name and proven expertise in partnering with new-age digital brands will help us scale our business 10 times in the coming duration,” Livspace co-founder and CEO Anuj Srivastava said in a statement. He said that the company will roll out fresh services and products to more markets, and invest further in technology and people.
“We will double down on brand building in India and Singapore, and continue investing in our pioneering platform technology and digitally integrated supply chain; hire, develop and nurture talent across the board to support both new and existing businesses,” Srivastava said.
The company associates contractors, designers, and home improvement professionals, as well as the brands in the home improvement industry on a single digital platform to provide services to end consumers.
“We further aim to enter dozens of new cities in India to penetrate and capture smaller tier 2 markets in the country by setting up 150 experience centres in the next 18 months.
“We are also evaluating regions from countries such as Australia, MENA (Middle East and North Africa) and the Middle East as our next markets, where the interior and renovation industry is equally fragmented,” Srivastava said.
KKR India partner and CEO Gaurav Trehan said, “our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India. KKR looks to draw on our deep technological and operational expertise, as well as our regional and global network, to support Livspace’s continued growth.”
