Livspace Rejigs Top Deck, Elevates Ramakant Sharma To CEO

Ahead of its much anticipated initial public offering (IPO), home decor startup Livspace has reshuffled its top deck, elevating chief operating officer Ramakant Sharma to the position of chief executive officer.

Besides, the company’s cofounder and CEO Anuj Srivastava has also transitioned to the role of chairman of the board.

While Srivastava will work with the board members and shareholders to look after the IPO process, fundraises and organic growth strategies, Sharma will helm the company’s day-to-day operations. 

“We’re excited for this chapter in Livspace’s journey, and, in addition to their new roles, both our cofounders will continue to serve on the board and work together to drive company culture, protability, customer value and shareholder returns,” the company said in a statement.

This comes when the company is looking to shift its domicile from Singapore to India. 

Founded by Srivastava and Sharma in 2014, Livspace is a curated marketplace that provides an end-to-end home design experience. It also offers software tools to help designers and homeowners. It claims to be serving in more than 50 cities in India, as well as in Middle East, and Singapore.

The company entered the unicorn club in 2022 after raising $180 Mn in its Series F round.

In 2023, the startup laid off more than 100 employees amid a cost-cutting exercise. Back then, the sources informed Inc42 that the company was looking at ways to extend its runway.

Livspace has raised more than $433.38 Mn in funding to date. It is backed by notable investors including  KKR & Co, retail giant Ikea, Peugeot Invest, among others.  

Livspace posted a net loss of nearly INR 621 Cr in FY23, while its revenue from operations surged to INR 1,148 Cr.