Home renovation platform Livspace raises $90 mln for expansion

SINGAPORE, Sept 3 (Reuters) - Livspace, a Singapore-headquartered home renovation platform, said on Thursday it has raised $90 million to fund its expansion into more markets, invest in technology and bolster its supply chain.

Switzerland-based Kharis Capital, Venturi Partners, Singapore’s EDBI and Peugeot family holding company FFP were among the investors in the round, the company said. The series D funding also included backing from existing investors Ingka Investments, the investment arm of IKEA’s owner, TPG Growth, Goldman Sachs and Bessemer Ventures.

Livspace, which has raised more than $200 million since being founded in 2014, did not provide a valuation.

While the COVID-19 pandemic and related lockdowns have hit Livspace, it is starting to see a recovery as housebound consumers increasingly turn to the internet to purchase goods and services.

“We are more or less, or probably next month, back to where we were pre-COVID levels, in terms of demand,” Anuj Srivastava, its CEO and co-founder, told Reuters.

The company expects to turn profitable in India, currently its biggest market, in 2021, followed by Singapore, he said. It is considering Malaysia, Indonesia, Australia as well as the Middle East as its next markets.

Livspace, which expects to reach gross merchandise value of $500 million in 24-30 months, is considering entering Malaysia, Indonesia, Australia and the Middle East.

The company plans to more than double its staff in Singapore to about 250 in 12-18 months, and is ramping up hiring in India after layoffs this year. It currently has about 2,500 employees in total. (Reporting by Aradhana Aravindan in Singapore Editing by Shri Navaratnam)