Livspace revenue grows 23% to $164.8m in FY25

Livspace reported revenue of 1,460 crore rupee (US$164.8 million) for FY25, a 23% rise year-on-year, and reduced its adjusted EBITDA loss by about half to 131 crore rupee (US$14.8 million).

The company, based in India and offering home design, interiors, and furnishings services, cited stronger business in premium and mass-premium residential segments for its improved results.

Gross margin rose 26% to 752 crore rupee (US$84.7 million), and the EBITDA margin improved from -20.8% to -9.0%.

Livspace reported having around 708 crore rupee (US$79.8 million) in cash at the end of the period.

The company operates over 150 stores across 90 cities in India, and plans to expand to more than 200 stores in 100 cities by the end of the fiscal year.

Livspace also serves Singapore through Qanvast and has raised about US$450 million from investors including KKR, TPG Growth, and Goldman Sachs.

🔗 Source: Livspace

🧠 Food for thought

Implications, context, and why it matters.

The reverse flip needs clear tax and Employee Stock Ownership Plan (ESOP) terms that remain undisclosed

Livspace has in-principle approval for its corporate domicile flip (a move to re-register in India) and awaits Reserve Bank of India (RBI) clearance, yet the press release leaves out tax plus ESOP details 1 2.
India’s commerce minister Piyush Goyal said reverse-flipping startups will face tax bills, so the shift will not be smooth 1.
Livspace’s parent put INR 3.62 billion into its India unit during the shift, which brings capital restructuring costs 2.
The firm has delivered 120,000 rooms, and ESOP conversion or valuation change during the flip could affect employees, yet no framework appears in the press release.

Franchise and supplier partners can benefit from fast expansion into underserved cities

Livspace plans growth from 150+ stores to 200+ across 100+ cities by March 2026. Its franchise model needs an Indian Rupee (INR) 2–2.5 million investment (20–25 lakh) that covers display costs, branding and launch expenses 3.
The franchise-owned-franchise-operated (FOFO) setup seeks entrepreneurs with studio management and lead generation experience 3. Agreements run five years with renewal, plus design software, hiring help and warranty handling 3.
Livspace is moving into appliances and soft furnishings 1. It plans private labels, which opens work for manufacturers, distributors and last-mile installers 1.
Expansion into Tier 2/3 markets covers smaller cities beyond the major metros 4. Design studios are eligible too. They get the same leads, showroom access plus cash flow support across 60+ cities 4.