Online home design company and design automation platform, Livspace has announced that it has raised INR 100 crore from existing investors in its third round of funding. The round was led by Bessemer Ventures Partners with increased participation from Jungle Ventures and Helion.
This round of funding comes within weeks of the launch of the world’s first ‘Home Design Automation Platform’. The funds will be used to expand operational footprint across metro cities (Noida, Gurgaon, Mumbai in 2016 and Pune, Hyderabad in 2017), set up new Livspace design studios with VR technology integration for the best home design experience, expand the design automation platform across thousands of freelance designers in the country, and strengthen the catalogue depth, launch new modular products, and further optimize the backend technology.
Anuj Srivastava, CEO and Co-founder of Livspace said, “We’ve built an enviable company which is truly a pioneer in its space worldwide. Ramakant and I want to create a truly innovative technology company out of India, with large scale revenue, and a commercially profitable footprint. By combining the principles of platform, technology and design, we have built Livspace into a technology-driven, consumer internet company that continues to make explosive growth across all business metrics”.
Speaking on the investment, Vishal Gupta, Managing Director, Bessemer Venture Partners, "We are very impressed with the pioneering approach, traction, and commercial scale achieved by Livspace, in a short period of time. Livspace is already India's largest online home design company and continues to see tremendous demand side scale due to the recently announced home design automation platform. Anuj and Ramakant are seasoned entrepreneurs and we are thrilled to partner with them and grow Livspace into one of India's most admired venture backed company.”
Amit Anand, Founding and Managing Partner, Jungle Ventures, added, “Anuj and Ramakant are top tier entrepreneurs who’ve created a truly pioneering idea out of India. It’s truly extensible across many cities across the world as the problem they’re solving is unique, pertinent, and fragmented the world over. I have only seen them go strength-to-strength and create an enviable team, a customer experience, and scale not seen before in the industry. We wish them well in the journey and are excited to build an exciting worldwide story.”