Home interior and renovation platform Livspace on Wednesday announced it has secured $70 million (nearly Rs 500 crore) in Series C funding led by TPG Growth and Goldman Sachs.
Launched in 2015, Bengaluru-based Livspace has emerged as one of the top players in the fragmented home interiors and renovation market which is expected to exceed $23 billion by 2022.
"In an industry that has traditionally struggled with scale, we have created a first-of-its-kind, design-to-installation technology platform and a marketplace model that is highly scalable. The model can inherently deliver strong unit economics," said Livspace’s Co-founder and CEO Anuj Srivastava.
The funding is the largest Series C round raised by a vertical e-commerce company in India in the B2C segment, the company said in a statement.
"We are thrilled to have TPG Growth and Goldman Sachs with us in our journey. Their understanding of global markets and deep expertise in accelerating growth-stage companies will help us build the next edition of Livspace," Srivastava added.
Livspace currently has presence in seven metro areas — Bengaluru, Delhi, Gurgaon, Hyderabad, Mumbai, Noida and Thane.
The company will utilise the funds to expand its operations to six more metro areas by 2019.
In August, Livspace launched operations in Hyderabad and is on track to hit over $125-135 million in annualised gross revenue by March 2019.
Before the Series C round of funding, Livspace had raised a total of $33.6 million from Jungle Venture Partners, Bessemer Venture Partners, Helion Ventures, and UC-RNT.
"To design the next one million homes — and deliver a predictable experience for this highly complex solution — technological and operational innovation will form the backbone of the company," said Ramakant Sharma, Co-founder and COO, Livspace.
According to Niladri Mukhopadhyay, a Managing Director at Goldman Sachs, this investment is in line with "our focus on backing excellent management teams that uniquely address the needs and aspirations of India’s growing middle class".
Livspace has a network of four design centres and 15 experience apartments in the country.>