Renovation platform Livspace has raised US$180 million ($241.87 million) in a Series F round led by NYSE-listed investment firm KKR.

The round also included investors Ingka Group Investments (part of the Netherlands’ Ingka Group, the largest Ikea franchisee), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.

Livspace currently serves Singapore and Malaysia, as well as 30 metro and non-metro areas in India. Livspace’s platform connects homeowners, vendors and designers.

With the latest fundraise, the seven-year-old company achieves unicorn status with a valuation of more than US$1 billion.

According to a Feb 8 press release, Livspace will launch in new markets and double down on brand building in India and Singapore. “The funds will also be channeled towards strategic investments into innovative companies to help them scale and grow even faster.”

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Livspace recently acquired a majority stake in Qanvast, a Singapore-based home remodeling and design platform connecting homeowners and professionals.

The company’s last fundraise was in September 2020, where they raised over US$90 million. The company has raked in some US$450 million in capital from investors like TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, FFP, EDBI, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.

Speaking to The Edge Singapore, Anuj Srivastava, CEO and co-founder of Livspace says the company has grown over 80% compared to pre-Covid-19 levels. “We are going to more than double our business from today’s levels in the next 12 to 18 months.”

According to Srivastava, Livspace is the market’s “largest end-to-end home design and interiors solutions brand”. “We became market leaders in Singapore within 15 months of our launch. Our Singapore business is growing significantly at 10%-15% percent per month, which contributes to about 20% to our overall business.”

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Livspace co-founders Anuj Srivastava, CEO (left) and Ramakant Sharma, COO (Photo: Livspace)

Some 80% of Livspace's revenue comes from India, where Livspace enjoys 65% market share, says Srivastava. “Last year, we expanded our operations in the Middle East through a joint venture with Alsulaiman Group.”

With Singapore as Livspace’s headquarters for global expansion, the company will be “investing aggressively” on expansion into Saudi Arabia, the United Arab Emirates, Australia, Indonesia, Vietnam, Malaysia, and Thailand, says Srivastava.

“We will also be deepening our presence in India across Tier 2 and 3 cities. We are also targeting Australia as a high-growth market as it exhibits similar characteristics to our successful markets and the region is also ripe for the products and services we provide,” he adds.

Srivastava says there are currently “no firm plans” for an IPO, as the company is now being run via a “highly capital efficient” model. He says Livspace’s India has generated operating profits in March 2021 and the company, as a whole, is on track to turn profitable in the next 12 to 18 months.

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Ramakant Sharma, co-founder and COO of Livspace, says: “As the largest player in this industry, we look to expand our spectrum of new offerings for the homeowner, create the best technology for our marketplace partners and deliver dream homes to our customers across all geographies. With the fresh investments, we are well set up to launch new solutions for homeowners and become the go-to platform brand for all things home.”

Livspace is KKR’s latest growth technology investment in Asia and adds to other recent investments in the region including Lenskart, an omnichannel eyewear retailer in India.

Louis Casey, KKR’s growth technology lead in Southeast Asia, says: “Livspace is solving a complicated, multi-stakeholder problem, which requires a mix of sophisticated software applications, strong execution capability and a consumer-centric approach. We believe that over time, this combination of competencies will build a strong competitive advantage that will see Livspace extend its leadership position, enter new markets and broaden its offerings.”

Backed by EDBI and major Ikea franchisee, renovation platform Livspace turns unicorn with US$180 mil round led by KKR

Straits Times Index’s rebound is likely to be fleeting as further volatility lies ahead

Backed by EDBI and major Ikea franchisee, renovation platform Livspace turns unicorn with US$180 mil round led by KKR

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