Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years
- Through a pilot, Livspace said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month in Singapore.
- Livspace is also investing $30 million to grow its business in Singapore.
- Earlier this year, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA.
Livspace is also investing $30 million to grow its business in Singapore – drive demand, hire talent, build design experience centres and develop a regional supply chain.
“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’s CEO and Co-Founder, Anuj Srivastava.
It has also brought ex-Mckinsey and Grab executive Ravindran Shanmugam on board as the country head of Singapore.
In India, the company claims to have an 80% market share and works with 3,500 registered designers and has designed 20,000 homes.
In May 2019, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA. The Ingka Group owns and operates 367 IKEA stores contributing to 90% of IKEA’s total retail sales.
In September 2018, Livspace raised $70 million in a Series C round funding from TPG Growth and Goldman Sachs, along with its existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures.