Online Home Décor Platform Livspace Gallops into the Unicorn Club after a $180 million Series F Round
Home and interior platform Livspace has joined the coveted unicorn club following a $180 million raise as a part of its Series F funding round led by KKR & Co.
The round also witnessed participation from existing investors such as Ingka Group Investments, Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.
Global private equity (PE) firm TPG-backed online home décor startup Livspace, thus, becomes the seventh unicorn of 2022, and the 49th company to be valued at over $1 billion since January 2021.
While other financial details were not disclosed, the company said in a statement that KKR will be making this investment in Livspace from its Asia next-generation technology strategy.
“One of the principal destinations for this capital will be in accelerating our new country launches,” said Anuj Srivastava, founder and chief executive officer.
Livspace has aggressive geographical expansion and acquisition plans
The company is also looking to acquire younger startups and has already evaluated a few in the direct-to-consumer (D2C) and content-oriented demand aggregator space. In December, it acquired a majority stake in Singapore-based home decor firm Qanvast.
Besides India and Singapore, the company has operations in the Gulf countries and is looking at expanding to newer geographies across APAC, MENA and Australia.
The fundraise has valued the company at over $1.3 billion, hinted Anuj Srivastava, Co-founder, Chief Executive Officer of Livspace, during an interaction.
“A significant portion of the funds will go into expanding in newer geographies including the UAE and the Middle East, and further expansion in Singapore and India. We are also advancing our plans to start evaluating venturing into Australia and it will be very important geography for us,” added Anuj Srivastava.
The startup to concentrate on brand building
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace delivers designs, execution, renovation, and supply of materials, and fit-out elements for bedrooms, living rooms, bathrooms and kitchens. The home décor startup plans to use a portion of the fund towards brand building, and mergers and acquisitions.
Srivastava added that Livspace will be investing in online mass media-oriented brand building, starting with Singapore and India, following which “you will also see us building strategic relationships, and making mergers and acquisitions as we are looking to consolidate the market”.
Livspace currently generates about 79 percent of its revenue from India, with 21 percent coming from Singapore. As the company looks to expand its international operations, Srivastava expects international markets to contribute 50 percent to the company’s total sales, with the rest coming from India.
“Our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India. Anuj and Ramakant have been leaders in evolving the home renovation industry, and KKR looks to draw on our deep technological and operational expertise, as well as our regional and global network, to support Livspace’s continued growth,” said Gaurav Trehan, partner and CEO of KKR India.