ONLINE home interior and renovation platform Livspace on Wednesday announced the launch of its operations in Singapore, with plans to invest US$30 million to grow its business here.
The launch marks the first step of the India-based platform’s expansion into the Asia-Pacific region, the company said in a press statement, adding that it also has plans to launch in other countries come 2020. Singapore will serve as its global headquarters.
Livspace expects to cross US$500 million in its global gross revenue run rate over the next 30 months, said co-founder and chief executive, Anuj Srivastava.
Locally, during its six month soft launch here, Livspace is operating at a US$15 million gross revenue run rate. This is based on the company’s gross revenue for the past two calendar months.
Ravindran Shanmugam, country head of Singapore for Livspace, said that Singapore’s US$5 billion home-design industry, with a 10 per cent year-on-year growth rate, is a “highly attractive market for Livspace”, adding that the company plans to base over 250 employees here, including central platform teams.
Livspace uses data science enabled algorithms to match homeowners with designers based on style preferences, individual budgets, scope of work and timelines. Through Livspace’s proprietary design-to-installation platform Canvas, homeowners can first see prior designs of their home and then shop directly for products and services on the same platform. The company also assures the delivery of the project through to final installation.
Outside of Singapore, Livspace serves nine metro areas in India. It has a network of 20 design centres and experience apartments across the country. In India, Livspace has over 80 per cent of market share, and is more than doubling its revenues every year.
The home interior and renovation platform has raised over US$103 million in capital from top global investors including TPG Growth, Goldman Sachs, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.