Livspace invests $30M in Singapore, marks first phase of APAC expansion
Home interiors and renovations platform Livspace announced the launch of its operations in Singapore on Wednesday. This marks the first phase of the startup's Asia-Pacific (APAC) expansion. It is investing $30 million to rapidly expand its business and grow the team in the Southeast Asian city.
The Bengaluru-based startup plans to employ over 250 people in Singapore, including central platform teams. Over the next two years, Livspace aims to onboard thousands of freelance designers, contract manufacturers, OEMs, and brands to build the best ecommerce supply chain in the home-improvement industry.
Livspace will also invest in creating the first omnichannel experience in the industry with AR, VR, and platform-integrated physical design experience centres.
Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a three-sided marketplace and a design automation platform to connect homeowners, designers, and vendors, thus offering seamless end-to-end services.
CEO and Co-founder Anuj said in a press release:
“Over the next 30 months, we aim to build Livspace into a $500 million business operating across APAC and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion.”
The startup aims to organise the fragmented ecosystem of home interiors and renovations. It uses data science-backed algorithms to match homeowners with the best-suited designers, based on factors including style preferences, budget, scope of work, and timings.
Livspace's proprietary design-to-installation platform Canvas unifies and delivers value to all its participants — homeowners, designers, micro-studios, and vendors. With Canvas, homeowners get to experience a quick look-and-feel of their home and also get to view the products and services as a shopping cart.
Ravindran Shanmugam, Country Head of Singapore, Livspace, said:
“Singapore is a highly attractive market for Livspace — a US$ 5 billion home-design industry that is growing at 10% year-on-year. It is also a representative 21st century global city, and serves as a great test-bed for our technology innovations and launches.”
Besides Singapore, Livspace is currently serving nine metros in India: Bengaluru, Delhi, Noida, Gurugram, Mumbai, Thane, Pune, Hyderabad, and Chennai. It has built a network of 20 design centres and experience apartments across the country.
The startup works with 3,500 registered designers and has designed 20,000 homes. Livspace has over 80 percent share of the Indian market and is more than doubling its revenue every year.
(Edited by Athirupa Geetha Manichandar)