Livspace raises $90 million for expansion

Livspace, a Singapore-headquartered home renovation platform, said it has raised $90 million to fund its expansion plans, invest in technology, and bolster its supply chain.

Switzerland-based Kharis Capital, Venturi Partners, Singapore’s EDBI and Peugeot family holding company FFP were among the investors in the round, the company said.

The Series-D funding also included backing from existing investors Ingka Investments, the investment arm of IKEA’s owner, TPG Growth, Goldman Sachs and Bessemer Ventures.

The company, which was hit by the Covid-19 pandemic and related lockdowns, is now seeing a recovery as consumers increasingly turn to the internet to purchase goods and services that is almost back to pre-pandemic levels in terms of demand.

Livspace expects to turn profitable in India, currently its biggest market, in 2021, followed by Singapore.

It is considering Malaysia, Indonesia, Australia as well as West Asia as its next markets and is planning to more than double its staff in Singapore and is ramping up hiring in India. 

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