SINGAPORE, Sept. 3 (Reuters) – Livspace, a Singapore-based home improvement platform, said on Thursday it had raised $ 90 million to finance its expansion into more markets, invest in technology and strengthen its supply chain.
Switzerland-based Kharis Capital, Venturi Partners, Singapore’s EDBI and family-owned Peugeot FFP were among the cycle investors, the company said. The Series D funding also included support from existing investors Ingka Investments, the investment arm of IKEA owner TPG Growth, Goldman Sachs (NYSE 🙂 and Bessemer Ventures.
Livspace, which has raised more than $ 200 million since its inception in 2014, did not provide a valuation.
As the COVID-19 pandemic and related lockdowns hit Livspace, it is starting to see a recovery as homebound consumers increasingly turn to the internet to purchase goods and services.
“We’re more or less, or probably next month, back to pre-COVID levels in terms of demand,” CEO and co-founder Anuj Srivastava told Reuters.
The company plans to become profitable in India, currently its largest market, in 2021, followed by Singapore, he said. He sees Malaysia, Indonesia, Australia and the Middle East as his next markets.
Livspace, which plans to reach a gross merchandise value of $ 500 million within 24 to 30 months, plans to enter Malaysia, Indonesia, Australia and the Middle East.
The company also plans to more than double its staff in Singapore to around 250 in 12 to 18 months, and is ramping up hires in India after layoffs this year. It currently has approximately 2,500 employees in total.