Indian home decor unicorn Livspace slashes 100 jobs

Livspace CEO Anuj Srivastava / Photo credit: Livspace

KKR-backed home decor unicorn Livspace said it has let go of 2% of its over 5,000-member workforce as it aims to hit profitability as early as this year.

While the company did not specify what roles were affected, a Livspace spokesperson told Tech in Asia that the move is part of “normal adjustments and/or performance management parameters” and that the firm currently has a strong balance sheet.

“Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners and employees,” the person added. The company said it will redeploy resources to other aspects of the business but didn’t provide additional details.

Livspace will provide those affected with assistance packages, extended medical insurance, and outplacement services.

See also: The Amazon of home decor eyes profits for SG unit after breaking even in India

Founded in 2014, Livspace offers tech-enabled interior design and renovation services, positioning itself as the Amazon of home decor. One of its notable offerings is Canvas, a SaaS platform that lets designers engage with their customers.

In February 2022, the startup raised US$180 million in a series F funding round led by KKR, pushing the company into unicorn territory.

Livspace has employees across Singapore, India, Malaysia, and the Middle East. It reportedly earmarked US$100 million for acquisitions that could help it expand in those four markets.