Bengaluru-based online home decor and design startup Livspace has raised around ₹509 crores ($70 million) in a series C round led by private equity firm TPG Growth and US-based global investment bank Goldman Sachs.
Avendus Capital acted as the financial advisor for the transaction. The latest investment is speculated to have valued the startup at around $250-300 million.
Freshly infused funds will be used to expand the offline footprint, along with boosting marketing and branding efforts.
The startup claims to have serviced more than 5000 customers across 7 cities in India with the help of more than 2000 design professionals. The startup is currently operational in Bengaluru, Thane, Mumbai, Delhi, Gurugram, Noida, and Hyderabad. It plans to expand to Pune and Chennai in the coming months.
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, in the last 18 months and expects to touch $125-135 million in annualised revenue for FY19.
The startup last raised $15 million in a series B round led by Bessemer Venture partners in August 2016.
India’s home furnishing market is expected to touch $5.29 billion, growing at a CAGR of 8%, by 2018. The online retail industry is expected to push the growth of the home furnishing market.