Online home decor startup Livspace has raised $70 million in its Series C round of funding led by private equity firm TPG Growth and Goldman Sachs. Existing investors of the Bengaluru-based platform such as Jungle Ventures, Bessemer Venture Partners and Helion Ventures also participated in the round.
The fresh funding round comes after a gap of two years for Livspace. In August 2016, it had scooped up $15 Mn Series B round from Bessemer, Helion and Jungle Ventures.
Now the four-year-old startup expected to be valued in the range of $250-300 million. The fresh capital will be used to strengthen the company’s offline footprint along with marketing and branding spends. Besides, it plans to expand its presence to Pune and Chennai in the coming months and expand to six more cities in 2019.
Floated by Anuj Srivastava and Ramakant Sharma, Livspace lets customers discover thousands of interior designs by colour, material, and style. It uses design, data science technology, and catalogues to create looks that help homeowners visualise their homes before making an online purchase.
Livspace helps homeowners discover pre-created looks for rooms, kitchen and storage areas. Users can also get tailor-made designs by visiting Livspace’s offline studios.
The company claims to have designed over 6,000 homes and operates four large and 20 mini experience centres, By the FY19, Livspace aims to double the mini experience centres. It is on the road to hit more than $100 million in annualised gross revenue by March next year and claims to be profitable in Bengaluru, Mumbai, and Delhi.
Livspace directly competes with Sequoia Capital-backed HomeLane as well as MyGubbi and very remotely with Pepperfry and UrbanLadder.
The development was reported by ET.