After secured $4.6 million in December 2014, Bengaluru-based home design and decor start-up LivSpace has now raised $8 million from existing investors Helion Ventures, Bessemer Venture Partners and Jungle Ventures. Earlier this month, Gokul Rajaram, product engineering head at US payments startup Square and whom LivSpace recently named as a special adviser, also made an undisclosed personal investment in the firm, earlier this month. The new funding will be used to scale operations and for hiring and product development.
In a span of six months, LivSpave has made two acquisitions to accelerate its growth and product portfolio. The company acquired curated designer marketplaces DezignUp and Dwll for undisclosed sums earlier this year.
“The (domestic home design) industry is poised to grow at over 25% year-on-year to create a very large category that is largely fragmented today and does not have any winners,”Anuj Srivastava, cofounder and CEO of LivSpace said. “We believe that the market is over $12 billion today and largely serviced by individual interior designers and small design studios.”
Started by Shagufta Anurag, Anuj Srivastva and Ramakant Sharma, LivSpace provides an online shopping destination where anyone can design, decorate and furnish their dream home. Also, it offers the facility to hire a designer on its platform, or the users can customize the products based on their requirements. It delivers in Chennai, Hyderabad, Delhi, Mumbai & Bangalore.
As per Technopak estimates, online home decor market in India will touch $20 billion by 2015. Out of this $20 billion market 40 % – 50% is furniture and rest are pure home decor items such as cutlery, kitchen items, fancy lamps etc.
Other players in the online furniture space include Urban Ladder, FabFurnish, HomeLane, CustomFurnish, Pepperfry etc.
Helion is a multi-stage, technology focused venture fund with over $600 million under management. Helion invests in technology and technology-powered businesses such as eCommerce, online services, mobility, enterprise software and outsourcing. Founded in 2006, Helion has over fifty portfolio companies and has backed companies like MakeMyTrip, RedBus, Pubmatic, UnitedLex, TaxiForSure, YepMe, Ezetap and others. Helion has its offices in Bangalore, Gurgaon (NCR) and Silicon ValleCategory Investments