Home Renovation Startup Livspace Nets $90M To Expand In Asia; IKEA, Goldman Sachs Among Investors
The round was led by Kharis Capital and Venturi Partners, and new investors EDBI of Singapore and FFP, along with existing investors Ingka Investments, which controls IKEA, TPG Growth, Goldman Sachs Group Inc., Ratan Tata’s UC-RNT Fund and Bessemer Ventures, according to Bloomberg.
Livspace, in the six years since its founding, has worked primarily in connecting customers with designers and vendors to help furnish homes, working in Singapore and several Indian metropolitan areas.
Srivastava said the company had been affected by the pandemic like many others, but it was looking ahead and trying to stay the course.
“It would be inaccurate to say we weren’t affected by the lockdowns,” Srivastava said in an interview, according to Bloomberg. “But something fundamentally changed in internet retail businesses in the last four months, and we see demand coming back.”
Livspace’s total funding after this most recent round is now above $200 million. Srivastava said the money would be put toward expansion, with new activity potentially coming to more Indian cities, as well as Malaysia, Indonesia and Australia, where it has not operated prior.
Home improvement has seen a surge amid the pandemic, with June data from online home remodeling platform Houzz showing a 58 percent uptick in the number of project leads for home professionals. That could include people looking to add pools, spas, decks or patios, among other things. While outdoor projects were especially popular, Houzz reported that kitchen and bath remodeling projects saw 40 percent increases in June, too.