Online home design company Livspace today said it has raised Rs 100 crore from existing investors in a second strategic round (Series B) of funding.
The round was led by Bessemer Ventures Partners and saw participation from Jungle Ventures and Helion, Livspace said in a statement here.
The funds will be used to launch services across cities — Noida, Gurgaon, Mumbai in 2016 and Pune, Hyderabad in the first half of 2017, it added.
This round of funding comes close on the heels of the company’s launch of its ‘Home Design Automation Platform’.
“With this round of funding we will aim to reach revenue of USD 100 million by the end of 2017 and achieve operational profitability across cities,” Anuj Srivastava, CEO and Co-founder of Livspace, said.
Founded by Srivastava and Ramakant Sharma, Livspace has raised USD 27.4 million since its launch in 2014. It has enlisted over six lakh home design enthusiasts, and has made three acquisitions in two years including DezignUp, Dwll.in and YoFloor.
The home industry is estimated to be USD 25-30 billion but over 95 per cent of it is unorganised and serviced by turn-key contractors, small studios, freelance designers and carpenters.
Livspace sees a great opportunity in adopting a platform driven approach, which borrows from the principles of platforms like Uber and AirBnB, it said.