Home interiors and renovation platform Livspace.com is expanding its operations to Chennai and Pune, earmarking an investment of up to Rs. 40 crore for growing business in the two cities.
The funds will be used for customer acquisition through brand building, opening Livspace Design Centres as well as growing the designer and seller community.
With this expansion, Livspace is now operational in nine cities including Bengaluru, Mumbai, Thane, Delhi, Gurgaon, Noida and Hyderabad, and is on track to achieve an annual sales run rate of $130 million by March 2019, a top executive toldBusinessLine .
“Chennai and Pune each present a $1 billion opportunity for our solutions, where we estimate that customers will spend Rs. 5 lakh to Rs. 30 lakh per home. In Hyderabad, where we launched operations in August, we have nearly 100 bookings that will be completed by end-December. We are confident of closing 100 homes each in Chennai and Pune by March 2019,” said Ramakant Sharma, co-founder and COO of Livspace.
Livspace delivers interiors, including kitchens, wardrobes, furniture, décor and provides all contracting services from flooring and false ceilings to painting. Its three-sided marketplace brings together homeowners, a curated community of 2,500 certified design partners and vendors. Homeowners get access to interiors for all rooms in a home, designed and delivered in a predictable, hassle-free manner through Canvas, Livspace’s design-to-installation platform.
Stating that the top seven metros present a $20 to 25-billion market for home design solutions, Sharma said the company is on track to establish a strong presence in 13 metros by the end of 2019 and is aiming to achieve profitability in Chennai and Pune in the next 24-36 months. To fuel its expansion efforts, the company plans to double its offline footprint through its experiential Livspace Design Centres and Show Apartments from 20 at present to 40 by December 2019, both of which play a key role in its omni-channel strategy.
“We plan to ramp up our headcount from 900 employees to 1,200 employees by March 2019,” said Sharma.
Backed by marquee investors including TPG Growth, Goldman Sachs, Helion Ventures, Bessemer Venture Partners, Jungle Ventures and UC-RNT, Livspace has raised $103.6 million in funding to date.
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