Livspace to invest $30M to scale Neo platform, launch modular private labels
Bengaluru-based home interior and renovation platformon Thursday said it would invest $30 million (about Rs 220.7 crore) to scale Neo, its proprietary design-to-manufacturing-to-installation platform.
The funds will be utilised for further development of the technology and to launch multiple private labels in the modular solutions space across 30 markets in India and in Southeast Asia.
"Each private label will be designed to meet a different functional, aesthetic or price point need of customers such as space-saving, bespoke, express-installation, economical, stainless steel, etc," it added.
Furthermore, the company plans to onboard over 2,500 ecosystem partners, including franchisees, OEMs, modular furniture, kitchen and wardrobe brands, contract manufacturers, modular furniture retailers, designers and installers on the platform in the next nine months, the statement said.
Neo uses technology to integrate all the steps -- from design, order creation, manufacturing to installation -- on one integrated platform. It digitally connects not only the human participants (designers, factory staff, installers, among others) but every machine in the value chain (manufacturing, logistics, warehousing) as well.
"We knew it was critical to build this unique platform for the modular industry as over 50 percent of our growth will come from this segment over the next 12-18 months," said Ramakant Sharma, Chief Operating Officer and Co-founder of Livspace.
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As the company expanded to newer markets across India and Southeast Asia, the demand for modular solutions would only go up and Livspace was excited to meet customer expectations of personalisation, predictability, and quality, he added.
Livspace currently serves nine metro areas in India, including Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Noida, Mumbai, Thane, and Pune.
The company is backed by marquee global investors including Kharis Capital, Venturi Partners, TPG Growth, Goldman Sachs, Ingka Investments, FFP, EDBI, UC-RNT, Bessemer Venture Partners, and Helion Ventures, and has raised over $200 million capital.
(Disclaimer: Additional background information has been added to this PTI copy for context)