Livspace is a leading homegrown home interiors and renovation platform. The company launched operations in Bengaluru in 2015. Its three-sided marketplace brings together homeowners and a curated community of designers and vendors.
Livspace closed FY19 with its annual gross revenue run rate hitting nearly $130 million. It has raised over $103 million in capital from top global investors including TPG Growth, Goldman Sachs, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT, says co-founder and COO, Ramakant Sharma. More recently, Ingka Group, the franchise partner of furniture giant Ikea, picked up a minority stake in Livspace. The firm closed the year 2018 by designing and delivering over 3,500 homes across India. Till date, Livspace has designed and delivered a total of 7,500 homes.
In 2016, Livspace launched Canvas, said to be the first design-to-installation platform for the interior design industry; the cloud platform creates unique experiences for homeowners and scales the job of interior designers. The startup currently serves nine metro areas—Bengaluru, Delhi, Noida, Gurgaon, Mumbai, Thane, Pune, Hyderabad and Chennai. It has a network of 20 design centres and experience apartments all over the country.
The idea of Livspace was inspired by the combined frustrations of Ramakant Sharma and Anuj Srivastava (co-founder) while getting their respective homes designed; realising that instead of it being a fun, enjoyable experience, it was a nightmare.
As opposed to just buying a single piece of furniture, home interiors include design services, furniture and decor, modular fitted-furniture like kitchens and wardrobes, as well as a host of services like false ceiling, civil work, floor laying, electrical, etc. Sharma says, “It was clear that the home interiors industry globally struggles to efficiently deliver a standardised experience because of the complexity of the solution and the variables involved. This results in cost and price overruns, varying quality, and a lack of scale.”
In India alone, the home design market is estimated to be around $35 billion but it is highly fragmented. Digging deeper into the problem, the founders realised that the solution lies in improving the input to standardise the output—the industry needed an integrated platform built on top of technology and supply-side innovations that helped all stakeholders (designers, service partners, project managers, etc.,) to deliver a better, standardised experience to homeowners.
“Livspace makes all this possible by operating as a three-way marketplace for homeowners, designers and vendors, making the model highly scalable. The design community and vendors at Livspace use the proprietary design platform Canvas to design interiors for thousands of homeowners across several Indian cities,” the co-founder informs.