End-to-end home design and décor service provider Livspace may soon raise $40 Mn in funding from US-based private equity company TPG.
According to reports, TPG is likely to make more investments in India this year. The funding is expected to be a booster for Livspace since the company is planning to open offline stores in major Indian cities.
However, Inc42 is yet to receive any kind of confirmation to the deal from the Livspace team.
TPG Growth is a middle market and growth equity platform of US-based alternative asset firm TPG and a regular investor in the Indian consumer space.
TPG currently owns a majority stake in companies such as Bengaluru-based Rhea Healthcare Pvt Ltd, surgical equipment maker Sutures India Pvt Ltd, India-focused cancer treatment chain Cancer Treatment Services International, and Lenskart, an online eyewear retailer and more. In 2017, TPG Growth had also invested $50 Mn in Dodla Dairy.
Livspace: India’s Interior Decor Market
Launched in December 2014 by Anuj Srivastava, Ramakant Sharma and Shagufta Anurag, Livspace is a curated marketplace for homeowners and home designers.
With Livspace, one only pays for buying home products including the furniture, services, and accessories. Everything else is free. In an earlier conversation, founders had told Inc42 that Livspace has built inhouse technology.
It has a team of engineers, data scientists, and product managers who employ a combination of data science, algorithms, and industrial design to create experiences for homeowners and scale up the job of interior designers.
At the same time, Livspace designs allow interior designers to plan the space in 2D, on a floor plan. The same can be converted into a 3D design instantly at the click of a button. The designers can plan effectively and the homeowners can visualise effectively with a single, free tool on the cloud.
Recently the company has opened its store in Hyderabad, which after debuting in Bengaluru, expanded to Mumbai, Thane, Delhi, Gurgaon, and Noida in less than 24 months since its launch.
It has also earmarked INR 20 Cr for the expansion in Hyderabad which will be utilised towards infrastructure, brand building, and customer acquisition.
At the time, Ramakant Sharma, Co-founder and COO of Livspace said, “We are excited about bringing a hassle-free, end-to-end home design experience to Hyderabad. It is one of the fastest growing cities and the people are well versed with global interior trends. We are positive that Hyderabad will be a very strong market for us and we will move one step closer to our goal of designing one in every 10 homes in India by 2022. Next, we are looking towards cities such as Chennai and Pune.”
In the space, we have players such as Homelane, Urban Ladder, Pepperfry, and FabFurnish, which are taking the home interiors to a different level.
[The development was reported by TOI.]