Bengaluru-based LivSpace announced Tuesday that it has raised $8 Million (roughly Rs. 51 crores) in an internal round of funding. The funds will be used to expand across metros in India, hire senior level talent, and build 'innovative' mobile and designer oriented products, the company said.
The funding round saw participation from existing institutional investors Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures. The round also saw investments from prominent angels, including Gokul Rajaram, who had recently joined as a special advisor. The firm had raised a Series A round of $4.6 million (roughly Rs. 29 crores) in December.
Anuj Srivastava, CEO and Co-founder of Livspace said, "We're seeing strong growth and business fundamentals across the board and have created an enviable content, and community driven commerce business in the home design space for the first time in India." He has previously worked in product leadership roles at Google Maps, Google Commerce, and Google Ads.
Commenting on the funding round, Akash Goel, Vice President, Bessemer Venture Partners said that his firm was impressed with the vision of the founding team and their ability to drive execution, emerging as a disruptor and innovator in a large, but fragmented market.
LivSpace lets users browse through different looks, customise, and buy them through the platform, providing a curated marketplace for homeowners and designers. The company claims to be a design and technology first team, employing data science, algorithms, and industrial design to create 'unique' experiences.
In March 2015 Livspace acquired DezignUp, a dynamic design community and marketplace for consumers and design professionals. In May 2015, it completed its second acquisition, that of a company called Dwll.in, which is a curated online network of interior designers.