With USD 180 Million Funding Led by KKR Livspace Turns Unicorn as it Plans To Enter New Markets in India and Singapore

Livspace, a platform for home interior design and remodelling, has secured USD180 million in a fundraising round headed by US private equity company KKR.

According to the business, the investment increased its worth to more than USD 1 billion, launching it into the coveted unicorn club.

Existing investors such as Ingka Group Investments (a subsidiary of IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments participated in the financing.

The funds will be used to further the company's growth goals. Livspace stated that it will expand into new areas, increase its brand presence in India and Singapore, and continue to invest in its platform technology and supply chain.

This happens as more people migrate online as a result of the Covid-19 outbreak and sign up for a slew of services supplied by internet start-ups.

The omni-channel firm, which provides end-to-end home interiors and remodelling services, says it aims to employ a diverse range of people to serve both new and current companies.

Additionally, the funds will be used to make strategic investments in businesses to help them develop and grow quicker, the statement states. 

Recently, the firm purchased a controlling share in Qanvast, a Singapore-based platform for home remodelling and design.

The investment will enable us to more than double the size of our firm in the next years, according to Anuj Srivastava, co-founder and CEO of Livspace. "Our business is developing at a breakneck pace in both India and Singapore, and we intend to repeat this model by launching new products and accelerating our expansion into new countries across APAC, MENA, and Australia.

Livspace is KKR's newest growth technology venture in India, after previous investments in the country, including eyeglasses retailer Lenskart.

Livspace, founded in 2015 by Ramakant Sharma and Srivastava, presently operates in Singapore and Malaysia, as well as 30 metro and non-metro districts around India. It asserts that their platform has provided over 100,000 rooms and sold over 7.5 million SKUs.

KKR, Ingka Group Investments, TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, FFP (Peugeot Group's Holding Firm), EDBI, Bessemer Venture Partners, Jungle Ventures, Helion Ventures, and UC-RNT have all invested in the company.