TPG, Goldman invest $70m in India's Livspace
Indian home design portal Livspace has raised $70 million in Series C funding led by TPG Growth, the middle market investment platform of TPG Capital, and Goldman Sachs.
Existing investors Jungle Ventures, Bessemer Venture Partners, and Helion Ventures also participated in the funding round, according to a release. All three took part in Livspace’s previous funding rounds in 2014, 2015, and 2016.
Livspace uses data science technology to help consumers make informed purchasing decision on decor. It also operates a design automation platform so that interior designers can create concepts and plans online, as well as connecting users with service providers and vendors. The company completes a home interior project every two hours.
Currently Livspace is present in seven cities in India, and plans to add six more by next year. It claims to have more than quadrupled its revenue over the last 18 months and achieved profitability on a per-unit basis in existing markets.
“In an industry that has traditional struggled with scale, we have created a first-of-its-kind, design-to-installation technology platform and a marketplace model that is highly scalable,” said Livspace co-founder Anuj Srivastava. “We are thrilled to partner with TPG Growth and Goldman Sachs. Their understanding of global markets and deep expertise in accelerating growth-stage companies will help us take Livspace to the next stage of its journey.”
Livspace plans to use the new capital to improve its technology offering and add more designers to the platform. In addition, it will open more design centers, where potential customers can meet face to face with company representatives.
TPG Growth closed its fourth global fund last year with $3.7 billion to invest in companies across a range of industries, focusing on strong consumer brands. It recently named Shailesh Rao, a former executive at Twitter and Google, to head its India and Southeast Asia operations, including The Rise Fund, TPG’s impact investment vehicle.
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