India and South East Asia’s largest home interior and renovation platform Livspace announced a $180 million Series F funding round led by global investment firm KKR.
The round also witnessed participation from existing investors such as Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.
“Our business is growing exponentially in both India and Singapore and we aim to replicate this playbook, launch new solutions and accelerate our launches across new markets with operations across APAC, MENA and Australia,” said Anuj Srivastava, co-founder and CEO of Livspace.
The funding will support Livspace’s expansion plans into new markets, in which it plans to double down on its brand building in India and Singapore, as well as continuing to invest in its platform technology and digitally integrated supply chain.
The funds will also be channeled towards strategic investments into innovative companies to help them scale and grow even faster. The company recently acquired a majority stake in Qanvast, a Singapore-based home remodeling and design platform connecting homeowners and trusted home professionals.
“As the largest player in this industry, we look to expand our spectrum of new offerings for the homeowner, create the best technology for our marketplace partners and deliver dream homes to our customers across all geographies. With the fresh investments, we are well set up to launch new solutions for homeowners and become the go-to platform brand for all things home,” said Ramakant Sharma, co-founder and COO of Livspace.
Livspace marks KKR’s latest growth technology investment in Asia, adding to its other recent investments in the region, including Lenskart, an omni-channel eyewear retailer in India; moody, a tech-enabled eyewear company in China; and Adopt A Cow, a digitalised, direct-to-consumer dairy company in China.
“Our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India,” said Gaurav Trehan, partner and CEO of KKR India.
“Livspace is solving a complicated, multi-stakeholder problem which requires a mix of sophisticated software applications, strong execution capability, and a consumer-centric approach. We believe that over time, this combination of competencies will build a strong competitive advantage that will see Livspace extend its leadership position, enter new markets and broaden its offerings,” added Louis Casey, KKR’s growth technology lead in Southeast Asia.
