Online home interior startup Livspace has raised $70 million in Series C round of funding led by private equity firm TPG Growth and Goldman Sachs. Existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures also participated in the funding round.
The deal is among the largest Series C round ever raised by a B2C vertical e-commerce company in India.The startup will use the fresh capital to expand it’s presence to six more Indian metro areas by 2019 taking it to 13, while aiming for deeper penetration in existing markets. Livspace began operations in Hyderabad in August and plans to have revenues of over $125-135 million in annualised gross revenue by March 2019.
“In an industry that has traditionally struggled with scale, we have created a first-of-its-kind, design-to-installation technology platform and a marketplace model that is highly scalable. The model can inherently deliver strong unit economics. We are thrilled to partner with TPG Growth and Goldman Sachs in our journey. Their understanding of global markets and deep expertise in accelerating growth-stage companies will help us build the next edition of Livspace,” said Anuj Srivastava, Co-founder and CEO, Livspace.
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