Livspace, which is a home and décor startup based out of Bangalore has now raised an amount of ₹509 crores ($70 million) in a funding round which is led by the series C round from some of the leading investors which includes the TPG Growth and US-based global investment bank Goldman Sachs.
Some of the other existing investors also took part includes like Jungle Ventures, Bessemer Venture Partners, and Helion Ventures also participated in the round.
The company is going to use the new raises funds to expand the offline footprint, along with boosting marketing and branding efforts.
Livspace was founded by three prominient person that is Anuj Srivastava, Ramakant Sharma, and Shagufta Anurag in the year 2014. Livspace provides quality end-to-end home design services to its customers at an affordable cost.
The startup has said that as of now they have given their service to more than 5000 customers across 7 cities in India with the help of more than 2000 design professionals. The startup is currently operational in seven cities of India which includes the Bengaluru, Thane, Mumbai, Delhi, Gurugram, Noida, and Hyderabad. It plans to expand to Pune and Chennai in the coming months with the help of its new funds.
Akshay Tanna, Principal, TPG Growth, said, “Livspace is a ground-breaking company that is disrupting the fragmented interior-design-and-renovation ecosystem in India. They’ve registered strong growth in a short period of time, and we are confident that their approach has tremendous potential to extend across several markets.”
Livspace claims to have registered a 400% growth in gross revenue, from the past 12 months and expects to touch $125-135 million in annualised revenue for FY19.
The startup in the month of August 2016 has raised an amount of $15 million in a series B round led by Bessemer Venture partners.