In a world that faces a rapid transformation and businesses pop up and get crowded out now very fast, Livspace is different. A growing number of Indian customers use this online platform for home improvement projects and renovations, particularly in the area of interior design. In 2015, Livspace was founded by trio-Anuj Srivastava, Ramakant Sharma, and Shagufta Anurag. These families have made a transformative change in the way people in India give their homes the retro look, making an unorganized business much more formalized.
Table Of Contents
| Section | Content |
| Introduction | |
| Livspace: Changing Home Design and Renovation in India | |
| Livspace: Company Highlights | |
| Livspace Success Story: Overview | |
| Livspace’s Role as a Platform | |
| Livspace Success Story: Startup Journey | |
| Livspace: How It Works? | |
| Livspace Success Story: Business Model | |
| Dual Revenue Model | |
| E-commerce Platform | |
| Livspace: Revenue and Growth Model | |
| Expansive User Base | |
| Strategic Funding | |
| Accolades and Accreditations | |
| Livspace Success Story: Challenges Faced | |
| Financial Challenges | |
| Livspace: Funding And Investors | |
| Livspace: Partnerships | |
| Livspace: Awards and Recognitions | |
| Livspace: Top Competitors |
Source: The Brand Hopper
Livspace: Company Highlights
| Attribute | Details |
| Startup Name | Livspace |
| Headquarters | Bangalore, India |
| Industry | Interior design |
| Founded | 2014 |
| Founders | Anuj Srivastava, Ramakant Sharma, Shagufta Anurag |
| Website | livspace.com |
Livspace Success Story : Overview
Livspace is a professional platform and marketplace that makes design customizations according to customers’ needs as it is a mediator that connects interior designers, shops and consumers. With its platform, users have the opportunity to discover, personalize, and order up different design and style options that fit their likes and requirements. Moreover, Livspace makes ordering seamless and handles timely fulfilment of necessary furnishing as well as for apartments like living room, bedroom, dining area and the kitchen.
Livspace emphasis is on a holistic approach that combines data science, algorithms as well as industrial principles to provide customers capability to navigate in multiple design options for all room types. Clients can design what they want with different colors, materials and styles so they have a more personal touch to their homes making them truly one-of-a-kind. Livspace takes care of all the phases from conception to implementation of design and the result is that a dweller enjoys them most during the entire period of his/her occupancy of the living space.
Livspace Success Story: Startup Journey
Initially from this beginning, the collaboration between Ramakant Sharma and Anuj Srivastava, the honored person and former acquaintance of college, who started this adventurous journey of making the respective of their apartments gracious again, was formed. Like the caring homeowners everywhere, the guiding star of their business is to improve the outlook of homeowners by interior remodelling. Unfortunately and strangely, their first business was faced with a disappointing situation. Initially, they encountered a great deal of difficulties when it came to looking for an experienced professional who could provide them with a sufficiently comprehensive approach.
However, after such a period of time, they eventually learned that, especially when it comes to spending a lot of both capital and time on fair pricing, quality assurance and the fate in the competition of home décor, there is always ambiguity and uncertainty.
Moreover, as the interior design segment proved to be greatly fragmented it exhibited dilemmas including the following: the process of choosing the right person who will do the job to the specifications, coordination of tasks, competitive offers and the quality of the materials.
When Anuj realized the numerous shortcomings of the typical coffeehouse, Ramakant decided to turn his idea into business. Their focus was to provide for their clientele an unforgettable experience. Therefore, in 2014 they brought to life Livspace, a platform that reorganized the home interior designing and renovation sector entirely, thereby creating a spark that lighted up the way for many homeowners in India to this day.
Livspace: How It Works?
Source: Failure Before Success
In the world of home design and renovation which has grown to be dynamic, one company has appeared as a game maker – Livspace. This company has put forward a platform through an innovative and end-to-end technology that has revolutionized the sector. What Livspace has achieved is the harmonious meshing of all the parts of the home decor process and redesigning journey to provide a stress-free and enchanting experience that was inconceivable before in a space that was not only fragmented but also chaotic.
The Livspace Approach: An Integrated Solution would mean
Livspace’s core offering is the fact that it offers a complex and extensive end-to-end solution which is aimed at the homeowners who are looking to revamp their living space home. Meticulous design process and architectural power constitute among the key components of how Livspace provides the smoothest customer journey eliminating inefficiencies and complexities. The sequence begins from initial consultation until the day of the installation.
Individual meeting and concept design are among the competencies our professionals possess.
Livspace starts with a personal consultation, where a personalized advisor gets in touch with a homeowner to figure out what features the owner actually looks for and how they could have a design quickly compliant with set budget parameters. This preliminary meeting provides the basis for the further stages of the design process as they will be customer’s center led.
Having set the key requirements, and relying on our experienced designers, who, in turn, use the latest 3D visualization technology to create an in-depth design scheme, we are ready to move on to the next stage. This is the comfortable and accurate experience that homeowners get to have as they can see their dream spaces well articulated almost for real with the VR reality.
Carefully Chosen Supplementation of the Main Materials and the Main Product Items
Livspace’s on top-of-the-list selling points is providing access to an exclusive range of exceptional furniture, houseware, and high-grade building materials from established brands and suppliers.
This massive library of products makes it possible for homeowners to choose from an endless list of options, including made-to-order furniture pieces, modern kitchen designs, and other household decor products, after having meticulously screened and scrutinized all the supplies against the criteria of quality and beauty.
With these listings consolidated on the integrated platform, Livspace makes the material screening easier, removing you from the overwhelming situation of dealing with a variety of vendors and making your whole living space look coherent and well balanced.
The management program is smooth and error-free.
After finishing these two steps, its project management which is strong enough to deliver the project comes into play. Our company puts together a dedicated project manager to oversee the whole of the renovation process that not only makes it smooth but creates an efficient system as well between the designers, carpenters, contractors and the other experienced professionals.
The setup will be customized for efficiency and ensure top-notch quality.
The last part of LivSpace experience is the professional setting by our installers and finishing touch in progress. The Livspace installation design follows all the steps closely by handpicked highly skilled installers and contractors. Each project is carried out with high quality, attention to every detail and precision on par with the industry standards.
Also, the fact that LivSpace is not confined only by the finalizing of the project but it goes further to give much more importance to the side of customer satisfaction. The company delivers top quality service second in none with the post-renovation support that may entail any challenge that will arise referring the clients to the top notch as the company will have solved the issues.
The Power of Technology: Scrapping Waste and Improving the Transparency
Livspace’s solution based on the technology platform is the key to its tailored approach to operations and the efficiency gained from that. Though multi-channel marketing has increasingly become a strategic imperative for modern marketers, proper implementation and execution present significant challenges.
The company’s unique visualization technology based on 3D offers customers a virtual walk-through and a real-time rendering of an image. With this feature homeowners can explore their future homes with no regrets and save themselves from possible official mistakes which are expensive to correct later.
Additionally, Livspace’s integrated project management systems serve as a unified platform that enables effective interface and collaboration among all stakeholders, hence leading to the completion of projects within time and at a reasonable cost.
However, the most highlighting issue is that green hydrogen is poised to have an unmatched and influential impact on industry.
Livspace’s out-of-the-box techniques that pushed integrity levels, and a soul set standard for both the industry aspirants and traditional companies. Leveraging technology as a tool to improve operational efficiency have raised the sector’s level of efficiency, transparency, and innovation bar- none, with Livspace leading the way.
This pushes businesses to adjust and update themselves, transforming the whole world into a digitalized sphere, where the consumer plays the major role. Having this roundabout impact has, in the end, been of great value to the consumers, who can readily opt between an array of effective service options and high level standards of service delivery.
Looking Ahead: Dropping the Lines and Heading to the Wider Universe
Livspace has demonstrated its business presence with a unique model and an established company and therefore the prospect of this company is looking very bright in the future. The company aims for global presence, and it is trying to bring more markets on board from the Middle East, Southeast Asia and others.
Through applying various scalable technology platforms and replicating proven business models in the new markets, Livspace focuses on creating its position in the market category of global leaders in home design and renovation.
Along with this, Livspace is tapping into the potential of innovative ways such as AR and VR where customers can browse through gallery designs, sneak peek videos, and products to immerse themselves more through the virtual world.
Another direction in which the company is heading is the expansion of the adjacent verticals of the sector, such as domestic and home decor, considering the fact that it aims to present itself as the ultimate solution for all home design needs.
Livspace Success Story: Business Model
Livspace is built on a dual revenue model – real estate brokerage fees from the sale of furniture and home decor from over 500 brands in its partner network aggregator as well as service charges for the customized renovation and interior design.
Commission-based Structure: Livspace basically is serving as a dealer in between customer and furniture/decor/decoriving suppliers being remunerated in commissions for the sales finalized through its platform. Doing it this way, Livspace can be a brand that provides a wide variety of premium merchandise, and it also makes selling an addition to its main business.
Service-oriented Approach: Moreover, revenue is also derived from its commission-based system; clients hire the company to carry out its complete designs and renovation charges. This pricing strategy mostly focuses on the complexity of the project and the scope of the project. The service includes designing conceptualization, project management, installation and additional services included.
E-commerce Platform: Livspace’s digital platform is the top-leading online piazza, where one can find and buy any objects for the suburban design, by choosing the ready furniture from the collection, or by making the custom piece, from scratch.
Livspace: Revenue and Growth Model
Livspace’s story of the rapid rise and financial performance holds the position for a disruptor in the sector of home interior design in India and Southeast Asia. Key indicators of its growth include:Key indicators of its growth include:
Expansive User Base: Livspace has delivered homeowner end-solutions way beyond 100,000 while building a strong community of the designers and the contractors.
Strategic Funding: With $500 million in an equity funding that ONLY THE BIGGEST investors like TPM Growth, Goldman Sachs, IKEA Group, just to name a few, had committed to fund Livspace, this company’s financial stability had been well-established and they have also made several strategic acquisitions to widen our service portfolio.
Accolades and Accreditations: The award-earned edgy and novel business model taken by Livspace has led to industry recognition, including winners of Fast Company and the Red Dot Design Award as well as the Stevie Awards.
Livspace Success Story: Challenges Faced
Rising to the challenge of the financial headwinds of last year, Livspace Home Interior Design Company encountered the significant financial hurdles of the fiscal year 2016-17. Income did a high jump this year for this company which went more than double than before. The losses, however, increased more than 4 times as the numbers showed.
Livspace which runs under the banner of e-commerce Pvt Ltd in Home Interior Design witnessed an astonishing escalation in its revenues from just INR 9.1 crore to INR 22.4 crore, with a synchronous parallel in the increase in losses from INR 9.8 crore to INR 47.7 crore in the same time span.
Besides the mentioned, The emergence of the Covid-19 pandemic has put an additional challenge which is very formidable for Livspace to deal with. As the pandemic caused damage to Livspace’s operations, such as the closure of experience centers as well as the mandates of the Government preventing last-mile activities, the business had to, thus, make the decision to lay off about 450 employees, who were generally part of its workforce.
Livspace: Funding And Investors
Livspace has performed a successful fundraising by raising a total in excess of $500 million through 12 funding rounds and consequentially contributed to the company’s growth and upsurge.
Below is a detailed overview of the various funding rounds:
Seed Round (December 2014): Livspace started its funding journey from its seed stage, bringing in investors like Helion Venture Partners, Jungle Ventures, and Bessemer Venture Partners (who invested a total of $4.6 million), VIIP Ventures, and continental Business Machines (who will be making further and later-stad investments).
Series A (September 2015): The company made the financial ground by closing a $8 million Series A fund raise led by Helion Venture Partners along with other ventures like Bessemer Venture Partners and Jungle Ventures.
Series B (July 2016): The venture capitalists did not stop investing in Livspace with Bessemer Venture Partners, and Jungle Ventures dominating with $15 million in their Series B round with Helion Venture Partners joining as a companion.
Series C (September 2019): The advisory mission concludes with a Series C round of $ 70 million backed by TPG Growth and Goldman Sachs. Not often, common startups like Niki.ai from existing investors like Jungle Ventures, Bessemer Venture Partners, and Helion Venture Partners take part.
Series D (December 2020): Livspace succeeded in building a strong support base for itself in its Series D round, attracting $90 million in investment. The round of Kharis Capital was arranged along with a new investor Venturi Partners with additional contributions from our new investor FFP and EDBI,(funds available to develop Another investor who has continued to hear the causes of our project is mentioned).
Series F (February 2022): A significant turning point of the rum happened when Livspace pulled in $180 Million in its Series F round under the leadership of KKR. Apart from the new investors such as Monks Hill Ventures, Investing HK, and DST Global, the existing investors Jungle Ventures, IKEA Group, and Venturi Partners also participated, valuing the company at $1 billion from a year back.
Livspace : Partnerships
| Partnerships |
| Brand Capital |
| Heseos |
| Alsulaiman Group |
| Zunpulse Smart Home Automation |
| Schneider |
| IKEA Malaysia |
| Brains On Walls |
Livspace: Awards and Recognitions
| Awards and Recognitions |
| India’s Most Trusted Brand by White Page International, 2021 |
| India’s most admired home interiors brand by White Page International |
| Red Herring Top 100 Global 2018 awards by Red Herring |
| Most innovative companies in the world, 2017 by Fast Company |
| Innovative Start-up of the Year by Entrepreneur, 2015 |
Livspace: Top Competitors
| Competitors |
| At Home Group |
| Pepperfry |
| Urban Ladder |
| Flipspaces Design Labs |
| RentoMojo |
| Stokers |
| HomeLane |
| American Furniture Warehouse |
Conclusion
In conclusion, Livspace is changing how people decorate and renovate their homes in India. It was started in 2014 by Anuj Srivastava, Ramakant Sharma, and Shagufta Anurag. Livspace makes it easy for homeowners to connect with designers, suppliers, and contractors. They use technology to help customers customize and order designs that match their style and requirements.
