Owning a house is a dream of every human being. Most of us work hard night after night just to be able to build a house we can call ours. When it comes to our homes, everyone wishes it to be inch-perfect, and to make sure that our houses ensure us of a space that is pleasing and satisfying to the mind and body of the people it is important for a house to have a well-executed interior decoration. However one can face various hurdles while designing his/her home like which interior designing company to contact, the high cost of interior designing, and limited options of designs and patterns.
All of these problems were well observed and studied by Ramakant Sharma – an IIT Kanpur graduate and Anuj Srivastava – a former Symbiosis International University student and they together founded LivSpace in 2014. LivSpace is now Asia’s leading and fastest-growing omni-channel home interiors and renovation platform. The Bengaluru-based firm provides a one-stop renovation solution for homeowners — from design to managed last-mile fulfillment for all rooms in a home. The B2C platform has organized a fragmented industry, bringing together designers, brands, manufacturers, and contractors to enable an eCommerce-like trusted, and predictable experience.
Recent In News
Operating in the prop-tech space the firm recently announced the launch of “Vinciago”, a premium interior design brand that aims to meet the demand for crafting homes. It will be available in cities like Mumbai, Delhi, Surat, Kolkata, Chennai, Lucknow, etc.
First Traction
The company’s first funding round was announced on 17 December 2014. It was done in the Series A round and the amount of the fund was $4.6M. This investment round included venture firms like Helion Venture Partners and Bessemer Venture Partners.
Year-over-Year Analysis
In FY20, the firm’s valuation stood at $288M in Q3. The overall revenue generated by the company was $86.6Mn in 2020. The Bengaluru-based firm has raised $202.44M by then. The net loss incurred by the startup was $244.6M.
For FY20-21, the company’s gross revenue recorded was ₹368Cr. The firm managed to secure $5.8M funding this year totaling its overall funding to $208.2M. The valuation this year reached $435M. A net loss of ₹416Cr was incurred by the prop-tech based startup.
In the next financial year, the total revenue grew by 54.9% as the amount reported was ₹621Cr. The overall funding secured by the firm surged to $450M in 2022. Its valuation further increased and stood at $971M. The net losses rose to ₹696Cr in FY22 from ₹416Cr in the last year.
As of FY23, the revenue surged to ₹1148Cr from ₹621Cr in last fiscal year. The observed growth rate was 85%. The startup also gained the unicorn status this year as its valuation crossed the $1B mark ($1.2B to be exact at that time). The net loss recorded by the company in 2023 was ₹793Cr.
For FY24, there were no reports of any funds being raised by the B2C-modeled firm in the whole financial cycle. The owners of the company believe that the revenue is expected to grow by 30% in FY23-24.
Expansion
Home renovation platform, LivSpace is serving more than 50 cities in India. It plans ti expand business to 100-150 cities in the next 18 months. The new-age home interior solutions provider firm has initiated internal processes with the aim to go public by launching its Initial Public Offering (IPO) by 2025.
Competitors
Alternatives of LivSpace present in the market include Design Cafe, HomeLane, Arrivae, Bonito Designs, Decorpot, and Finemake. The Bengaluru-headquartered holds a 28% market share according to the latest data available.
Acquisitions
The prop-tech startup has made 4 acquisitions to date. Its first acquisition came in March of 2015 when it acquired DesignUp, another startup operating in the same space. One month later, it acquired Dwill.in which is a curated network of interior designers. Later in the same year it bought YoFloor under its wings and hence introduced a platform that uses 3D models. Its latest acquisition came in end of 2021, when it acquired Qanvast – a home renovation platform to connect homeowners and interior designers.
