Livspace has closed a $15 million Series B round, which will be used to fund an expansion into new cities. Bessemer Venture Partners led this funding round, which also included participation from Jungle Ventures and Helion. All three are existing investors. Including this new round Livspace, which was founded in December 2014, has received more than $27 million from investors to date.
With this new money in the bank, the company is targeting a number of goals — it wants to reach $100 million in annual revenue by the end of 2017, and to get there it is planning to expand its reach in India. Livspace currently serves Bengaluru, but it is aiming to expand to Noida, Gurgaon and Mumbai this year. Next year, it is targeting moves into Pune and Hyderabad.
The startup also wants to get into virtual reality (VR) — a medium that can be hugely powerful for home design. Livspace will set up new design studios equipped with VR technology to provide a more immersive experience to help users picture their new home designs before they are made. The end goal, Livspace says, is to make it possible to fit out a house within 12 weeks, or complete installations within eight weeks, all via its online platform.
“We are very impressed with the pioneering approach, traction, and commercial scale achieved by Livspace in a short period of time. Livspace is already India’s largest online home design company and continues to see tremendous demand side scale due to the recently announced home design automation platform,” says Vishal Gupta, managing director of Bessemer Venture Partners.