Omnichannel home interiors and renovation platform on Monday said it has allocated $100 million to invest in and incubate brands and content destinations across markets in home decor, renovation, interiors, and ancillary systems.
According to a statement, the unicorn aims to nurture an ecosystem of brands with similar synergies while fuelling expansion across international markets, including India, Singapore, Malaysia, and the Middle East.
Moreover, Livspace has deployed a part of the capital to acquire a majority stake in Singapore-based home design company Qanvast, which connects homeowners and home professionals in a visually stimulating environment. The investment allows for both companies to transform the home interiors and renovation space while creating exciting new opportunities for design professionals.
The fund will be headed by Chief Strategy Officer Ankit Shah, who added that today’s disruptive market, combined with the macro-economic environment, is driving innovation at every level, resulting in exploring new pathways by adding technology and capabilities to drive profitability. “This will help our business across all our markets scale faster, grow our margin stack further, and create strong defensible moats,” he said.
The company will also invest in omnichannel retail solutions across logistics, supply chain, merchandising, and demand aggregation, among others. It will also deploy the capital for content destinations, direct-to-consumer (D2C) interior brands, private labels, and more.
“As we continue to scale across geographies and enter new markets, we are looking for successful business models that help us scale faster. We are looking at ideas, technologies, and people that bring in additional functional expertise to drive better outcomes for all our stakeholders. In line with this, we plan to invest across all stages in brands’ lifecycle to help them disrupt the industry further,” said Anuj Srivastava, Co-founder and CEO, Livspace.
Earlier this year, Livspace entered the coveted unicorn club after raising over $180 million in a Series F funding round led by KKR. Based in Singapore, Livspace has operations in over 45 cities across Southeast Asia, India, and the GCC region.
Recently, it launched operations in Malaysia in partnership with Ikea with similar plans in the pipeline for Thailand, Indonesia, and Vietnam. With close to 70% market share within the organised sector, Livspace witnessed over 100% growth in the last six months in India.
It has a presence in more than 30 Indian cities with plans to expand to 20 new cities in the coming year. Earlier this year, it launched operations in Riyadh, Saudi Arabia, through a joint venture with AlSulaiman Group, and it plans to commence operations in the UAE in the next 18 months.
