Amritsar, NFAPost: Home interior design and renovation platform Livspace has secured $90 million in a funding round led by Switzerland-based investment firm Kharis Capital and Nicholas Cator’s Venturi Partners, along with Peugeot Group’s holding company FFP, Pidilite Group, and Singapore-based EDBI.
The funding round also saw participation from existing investors Ingka Investments, TPG Growth, Goldman Sachs, UC-RNT, and Bessemer Ventures.
Livspace, which connects designers with customers and suppliers, with this new investment plans to expand to new cities including Kolkata, Ahmedabad, and Lucknow.
The company is also looking at expanding to countries such as Indonesia, Malaysia, Australia, and the Middle East.
Livspace’s first international foray was in Singapore. It also has Ingka Group, IKEA’s franchise partner, as its investor
The last funding raised by the company was $70 million in 2018, and since its inception in 2015 Livspace has secured a total of around $200 million.
The company recently in May had laid off around 15% of its staff due to the impact of Covid-19 resultant lockdown.
The investments, however, are a sign that investors are betting more on specialised vertical marketplaces for better outcomes, at a time when the market for horizontal e-commerce has been capped by Flipkart and Amazon.