SAN FRANCISCO (Diya TV) — India-based home design and furnishing company company Livspace closed a fresh round of Series B funding, raising $15 million which will be used to fund an expansion into new cities.
The round was led by Bessemer Venture Partners and also included the likes of Jungle Ventures and Helion — all three are existing investors. Livspace, which was founded in 2014, has raised nearly $30 million in funding to date. Prior to Tuesday, its most recent raise was $8 million one year ago, which itself was an extension to an initial $4.6 million Series A that closed in early 2015.
The company operates on the platform of aiming to make designing and outfitting a home as easy as buying groceries or other products online. Its website brings together homeowners and would-be homeowners with designers online. It also includes e-commerce integration with modular kitchen and wardrobe systems, which, Livspace revealed, accounts for over half of the company’s revenue.
Having raised such capital, the company now have very specific ideas in mind of how to allocate it: it wants to reach $100 million in annual revenue by the end of 2017, and to get there it is planning to expand its reach in India. Livspace currently services Bangalore, but the company wants to expand its network to Noida, Gurgaon and Mumbai this year. Next year, it is targeting moves into Pune and Hyderabad.
The company also wants to begin to dabble in VR. Livspace said it will set up new design studios equipped with VR technology to provide a more immersive experience to help users picture their new home designers before they are made.
“We are very impressed with the pioneering approach, traction, and commercial scale achieved by Livspace, in a short period of time. Livspace is already India’s largest online home design company and continues to see tremendous demand side scale due to the recently announced home design automation platform,” Vishal Gupta, managing director of Bessemer Venture Partners said in a statement.