Home design platform Livspace to invest $30m in Singapore

Home interior and renovation platform Livspace announced it has launched operations in Singapore, with a plan to invest US$30 million to grow the business in the city-state.

Photo credit: Livspace

According to a statement, the India-focused company’s expansion to Singapore marks the first phase of its Asia-Pacific strategy, which includes more launches from 2020 onwards.

Founded in 2015, Livspace operates a three-sided marketplace and a design automation platform connecting homeowners, certified designers, and vendors. It uses data science-enabled algorithms to match homeowners with the best designers based on budget, preference, scope of work, and timeline.

Its proprietary design-to-installation platform called Canvas allows users to get the look and feel of their potential homes and provides easy access to related products and services.

“Over the next 30 months, we aim to build Livspace into a US$500 million business, operating across APAC, and solve 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 co-founder and CEO Anuj Srivastava.

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Ravindran Shanmugam, the country head for Livspace Singapore, said the country is highly attractive for the company, with the city-state’s US$5 billion home design industry growing at 10% year on year.

The company plans to base over 250 employees in Singapore, which includes central platform teams. It also aims to onboard thousands of freelance designers, contract manufacturers, original equipment manufacturers, and brands to build out its ecommerce supply chain over the next two years.

The company also said it will invest in creating an omnichannel experience using augmented reality, virtual reality, and platform-integrated physical design experience centers.

Outside of the country, Livspace operates in nine metro areas in India, with a network of 20 design centers and experience apartments across the country. It claims to have designed around 20,000 homes, working with about 3,500 registered designers.

Earlier this year, the investment arm of European holding company Ingka Group made a strategic investment in Livspace. Ingka Group is also a strategic partner in the Ikea franchise system, representing roughly 90% of the furniture company’s retail sales through 367 stores in 30 markets including India.

Livspace also banked US$70 million in a series C funding round co-led by Goldman Sachs and TPG Growth late last year. Existing investors Bessemer Venture Partners, Helion Ventures, and Jungle Ventures also participated in the round.