Bessemer, others invest $15 mn in home design startup Livspace
Bangalore-based home design and decor startup Livspace has raised Rs 100 crore (around $15 million) in its third round of funding led by existing investor Bessemer Venture Partners.
Other existing investors Helion Ventures and Jungle Ventures also participated in the round, the firm said in a statement.
The funding will be used to expand operational footprint, set up new Livspace design studios, expand the design automation platform and optimise the backend technology, it said.
It had earlier secured $8 million in a fresh round of funding from existing investors Helion Ventures, Bessemer Venture Partners and Jungle Ventures in August 2015.
"Ramakant and I want to create an innovative technology company out of India, with large scale revenues and a commercially profitable footprint," said Anuj Srivastava, CEO and co-founder, Livspace.
The company was founded by in 2012 by Srivastava and Ramakant Sharma. Livspace enables home-owners to discover thousands of pre-created looks for rooms, kitchen and storage areas. Customers can select and purchase these looks, which are created by international designers and personalise them for delivery on the basis of material, colour, style and so on.
It has so far raised $27.6 million since inception and also made three acquisitions—DezignUp, Dwll.in and YoFloor. The company is targeting $100 million revenues by end of FY2016-17.
It also plans to invest in technology to streamline hundreds of contract manufacturers, modular furniture companies, home design services, decor marketplace, etc. and bring them under one platform.
According to market research firm TechNavio, the online home dÃ©cor market in the country is expected to grow at a compounded annual rate of 50.42% between 2014 and 2019.
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