Home interior design marketplace Livspace has raised Rs. 100 crore in its third round of fund-raising led by Bessemer Venture Partners, Jungle Ventures and Helion. It will be utilised to expand the company's operational footprint across metro cities and set up new design studios.
Livspace had launched the home design automation platform a few weeks ago.
The funds will be used to increase Livspace's presence in Noida, Gurgaon and Mumbai this year and next year it plans to expand to Pune and Hyderabad, the company said in its statement on Monday. It will also create offline experience centres using technology tools based on augmented reality and virtual reality.
Using design, data science technology and catalogues, Livspace creates looks and thousands of pictures that are optimised for every home. It helps owners visualise their homes before making any on-line purchase.
"We want to create a truly innovative technology company out of India, with large scale revenue, and a commercially profitable footprint," Anuj Srivastava, co-founder of Livspace said.
"By combining the principles of platform, technology and design, we have built Livspace into a technology-driven, consumer internet company that continues to make explosive growth across all business metrics," he added.
In the next one year, Livspace aims to scale up customer experience and make it possible for anyone to have a home in less than 12 weeks and modular installations in less than eight weeks, the statement added.
The company competes with other online design and furniture brands such as HomeLane, UrbanLadder and Housify.
Livspace has managed to raise $27.6 million since beginning operations two years ago. The firm has made three acquisitions such as DezignUp, Dwll.in and YoFloor. It was founded by former Google and Myntra executives. The firm is based out of Bengaluru.