Singapore's Livspace raises $90m Series D

Switzerland-based Kharis Capital and Singapore-based Venturi Partners, both existing investors, led the round.

Bessemer Ventures and Ingka Investments, a firm associated with Sweden’s Ikea, as well as UC-RNT Fund, a vehicle established by Indian conglomerate Tata Group chairman Ratan Tata and the University of California, also re-upped. EDBI, a Singapore government entity, and FFP, the holding company of French carmaker Peugeot, came in as new investors.

Livspace positions itself as the largest player of its kind in Southeast Asia and India with a platform brings together homeowners and a curated community of studios, vendors and brands. It offers a cloud-based design-to-installation service that is said to give homeowners with renovation projects unique and hassle-free access to all rooms in a house. It claims more than 20,000 one-family homes use the platform every hour.

Livspace is trying to expand its Asia Pacific footprint and says it is “deeply evaluating” fragmented interior design markets including Australia, Malaysia, and Indonesia, as well as the Middle East. In India, where the company is already present in nine metro areas, it is evaluating dozens of new cities such as Kolkata, Lucknow, and Ahmedabad. 

Livspace recorded a gross revenue run rate of $200 million in February and has projected it would grow into a $500 million business in the next 30 months. Its India operations are expected to be profitable in 2021. The company claims it has quadrupled revenue and doubled margin since its last funding round earlier this year. 

Funding to date comes to about $277 million, according to AVCJ Research. Previous backers also include Mercer Investments, Tahoe Investment Group, BVP India Investors, Helion Venture Partners, and Jungle Ventures.

“We strongly believe that Livspace is poised to be the most successful company in the online home improvement space, which is collectively a market worth multi-hundreds of billion dollars,” Nicholas Cator, a managing partner at Venturi, said in a statement. “Their strength lies in the deep moats that they have created in areas such as their technology innovation, brand salience, ever-expanding supply chain and ability to build attractive unit economics across markets.”

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• Topics
• Southeast Asia
• Consumer
• Expansion
• Singapore
• TPG Capital
• Goldman Sachs
• Bessemer Venture Partners
• EDBI
• TMT