Bangalore-based personalized home design and décor solutions marketplace, Livspace has received US$4.6 million in its Series A round of funding, led by Helion Venture Partners and Bessemer Venture Partners. The round also saw participation from Singapore-based Jungle Ventures. The funds will be used to develop new products, innovative technology, generate demand for its products and bolster its management team to focus on the US$25 billion home design and decor market in India and South East Asia. As part of the deal, Rahul Chowdhri, Partner of Helion, and Aakash Goel, VP of Bessemer India, will join the Livspace board.
“Our focus is to make beautiful interior design part of everyday living for our customers and delight them with a highly personalised online and pleasant last-mile experience,” said Anuj Srivastava, CEO & Co-Founder, Livspace.
With Livspace, homeowners can discover pre-created looks for all rooms, kitchen, and storage areas in their homes. Customers can select and purchase these looks, which are created by international designers, and personalize them (by material, colour, style) online.
“Home design and furnishing is largely serviced by mom-n-pop shops today. The pain point at the consumer end is high in terms of unreliability, delays, and cost overruns. In Livspace, we found a team which is well placed to solve this problem. Helion was impressed by the founding team’s intellectual pedigree,” said Chowdhri.
Livspace also partners with real-estate developers in the country and has a ‘find your apartment’ feature to offer pre‐created, ready-to-install interior design for customers who buy homes from these developers.
“Livspace is pioneering a unique approach where consumers can access thousands of looks created online for their home interiors at the click of a button. We are very excited to partner with Livspace in this journey of building a world-class consumer focused home design and furniture marketplace out of South Asia,” said Goel of Bessemer India.
“Jungle has always been a strong supporter of startups from Asia that are building disruptive global models and we see Livspace as first of many full stack e-commerce companies that will start here and go global. We are excited to partner with this talented team,” Amit Anand, Co-Founder and MD of Jungle Ventures added.
LivSpace is currently focused on the top cities of India, including Bangalore, Delhi/NCR, Mumbai, Hyderabad and Chennai. It also plans to launch in other cities in India and other large markets like Singapore.