Livspace, an omni-channel home interior and renovation platform, and KKR, a global investment firm, announced a US$180 million Series F fundraising in which KKR will participate as the lead investor. The Series F round also witnessed participation from existing investors such as Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.
Anuj Srivastava, Co-Founder and CEO of Livspace, said, “We are honored to collaborate with KKR in our next phase of growth and for the trust expressed by our existing shareholders. Their deep understanding of global markets, strong brand name and proven expertise in partnering with new age digital brands will help us scale our business 10x in the coming duration. Our business is growing exponentially in both India and Singapore and we aim to replicate this playbook, launch new solutions and accelerate our launches across new markets with operations across APAC, MENA and Australia.”
Ramakant Sharma, Co-Founder and COO of Livspace, added, “As the largest player in this industry, we look to expand our spectrum of new offerings for the homeowner, create the best technology for our marketplace partners and deliver dream homes to our customers across all geographies. With the fresh investments, we are well set up to launch new solutions for homeowners and become the go-to platform brand for all things home.”
To support its ambitious expansion plans, Livspace will launch in new markets, double down on brand building in India and Singapore, and continue investing in its pioneering platform technology and digitally integrated supply chain; and hire, develop and nurture talent across the board to support both new and existing businesses. The funds will also be channeled towards strategic investments into innovative companies to help them scale and grow even faster. The Company recently acquired a majority stake in Qanvast, a Singapore-based home remodeling and design platform connecting homeowners and trusted home professionals, the statement said.
Gaurav Trehan, Partner and CEO of KKR India, said, “We are pleased to invest in Livspace, a unique, tech-enabled business with terrific growth potential. Our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India. Anuj and Ramakant have been leaders in evolving the home renovation industry, and KKR looks to draw on our deep technological and operational expertise, as well as our regional and global network, to support Livspace’s continued growth.”
Louis Casey, KKR’s growth technology lead in Southeast Asia, added, “Livspace is solving a complicated, multi-stakeholder problem which requires a mix of sophisticated software applications, strong execution capability, and a consumer-centric approach. We believe that over time, this combination of competencies will build a strong competitive advantage that will see Livspace extend its leadership position, enter new markets and broaden its offerings. We are excited to work together with Anuj, Ramakant, and the Livspace team on this journey.”
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace has become synonymous with end-to-end seamless home interiors and renovation services. Through its pioneering technology platform, one of the largest digitally integrated supply chains in the home improvement industry and a unique three-sided marketplace-based approach, the Company has created a strong value chain helping homeowners, vendors and designers, the company added.
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