Bengaluru-based online home design startup Livspace has posted a loss of Rs 47.7 crore in the financial year 2016-17, reveals a RoC filing. The company’s revenue also jumped to Rs 22.4 crore from Rs 9.1 crore the previous year.
While the revenue grew by 2.5 X for the company, its losses increased to five times from Rs 9.1 crore in 2015-16.
Importantly, Livspace had claimed to be profitable in Bengaluru. However, looking at its losses raise a serious question on its profitability in the state capital.
So far, the five-year-old company has amassed about $28 million funding from investors including Bessemer Venture Partners, Singapore-based Jungle Ventures, and Helion Venture Partners.
Livspace helps homeowners discover pre-created looks for rooms, kitchen and storage areas.
Livspace was founded in 2014 by Anuj Srivastava and Ramakant Sharma. It lets customers discover thousands of interior designs by colour, material, and style. The company uses design, data science technology, and catalogues to create looks that help homeowners visualise their homes before making an online purchase.
Users can also get tailor-made designs by visiting Livspace’s offline studios.
Last month, Bennett, Coleman & Company Ltd (BCCL) had invested about Rs 11.05 crore in an ad-for-equity deal. In 2016, Livspace had launched an automation platform to integrate e-commerce and onboard more interior designers as ‘design entrepreneurs’.
Livspace’s competitor, HomeLane had raised $10 million from Accel Partners, Sequoia Capital, and RB Investments in December last year. Prior to this, it acquired one of its competitors Capricoast.com for Rs 90 crores in November.