Founded in 2012, Livspace is a personalized home design and decor marketplace for homeowners in India and South East Asia. The Bangalore based company has today announced that it is has raised $4.6M Series A funding, led by Helion Venture Partners and Bessemer Venture Partners along with Singapore based Jungle Ventures as investors. Livspace will utilise the funds to develop new products and technology, generate demand for its products, and bolster its management team to focus on the $25B home design and decor market in India and South East Asia. Rahul Chowdhri, Partner, Helion and Aakash Goel, Bessemer Venture Partners, India, will join the board of the company.
Livspace has been founded by Anuj Srivastava, an IIT Kanpur graduate and former Head of product marketing for many eCommerce and online advertising products at the Google headquarters in Sillicon Valley, Shagufta Anurag, an architect and founder of Space Matrix, a large corporate interior design company, and Ramakant Sharma, an IIT Kanpur graduate and former VP, Engineering at Myntra.com.
With Livspace, homeowners can discover a variety of pre-created looks for all rooms, kitchen, and storage areas in their homes. Customers can select and purchase these looks, which are created by international designers, and personalise them (by material, colour, style) online. In a few weeks, they can get the exact personalized interior design for their homes which extends to last mile installation. Livspace also partners with many large real-estate developers in the country and has a ‘find your apartment’ feature to offer pre-created, ready-to-install interior design for customers who buy homes from these developers.
Speaking on the investment Rahul Chowdhri of Helion says, “Home design and furnishing is largely serviced by mom-n-pop shops today. The pain point at the consumer end is high in terms of unreliability, delays, and cost overruns. In Livspace, we found a team which is well placed to solve this problem.” Aakash Goel, Vice President, Bessemer Venture Partners, India, said “BVP is keen to partner with companies that leverage technology innovatively to solve consumer pain points in industries with large market potential. We are very excited to partner with Livspace in this journey of building a world-class consumer focused home design and furniture marketplace out of South Asia”.
The space is rife with competition. Most recently, veteran investor and entrepreneur Srikanth Iyer ventured into interior design with HomeLane, Dwell is also organizing the interior design industry, Nestopia claims to be a LinkedIn+ TripAdvisor for interior design industry, Shawprs was another startup which seems to have shut down now. Building from India, LivSpace is currently focused on the top cities of India including Bangalore, NCR, Bombay, Hyderabad, and Chennai and will soon be launching in other cities in India and will also expand to other large markets like Singapore.