India’s leading home interiors and renovations platform, Livspace has officially launched in Singapore. This marks the first phase of Livspace’s APAC expansion with further launches planned 2020 onwards.
“Over the next 30 months, we are aiming to build Livspace into a USD 500 million business operating across APAC and solving the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace’s CEO and Co-Founder, Anuj Srivastava.
Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a design automation platform which connects designers, vendors and consumers, offering its customers home decoration and renovation from design to installation.
Livspace uses data science enabled algorithms to match homeowners with designers (based on style preferences, budget, scope of work and timelines).
During the six month soft launch phase in Singapore, Livspace is already operating at USD 15 million gross revenue run rate and growing at 25% month-on-month, a statement by the company said.
Ravindran Shanmugam has been appointed as Country Head to spearhead Livspace’s APAC expansion strategy.
Livspace plans to invest USD 30 million to grow its business in Singapore, with funds being used to drive demand, hire talent, build design experience centres and develop a regional supply chain, said the company.
“Singapore is a highly attractive market for Livspace - a USD 5 billion home-design industry that is growing at 10% year-on-year. It is a representative 21st century global city and serves as a great test bed for our technology innovations and launches,” said Ravindran Shanmugam, Country Head of Singapore for Livspace.
The company plans to base central teams and over 250 employees in Singapore. Over the next two years, Livspace will bring onboard thousands of freelance designers, contract manufacturers, OEMs and brands.
Livspace currently serves nine metro areas in India with a network of 20 design centres and experience apartments across the country. The company works with 3,500 registered designers and has designed 20,000 homes. In India, Livspace has over 80% market share.
Livspace has raised over USD103 million in capital through global investors including TPG Growth, Goldman Sachs, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.