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Livspace Raises $8Mn From Helion, Bessemer, Jungle Ventures

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Home design and décor platform Livspace has raised $8 million in an internal round of funding from existing investors Helion, Bessemer, and Jungle Ventures, the company stated in a press statement.

This round of funding comes within months of the launch and the Series A round of $4.6 million.

The fresh funds will be used to accelerate Livspace’s strong momentum across product and design innovation, user engagement on mobile and web, and revenue growth. All existing institutional investors; Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures, participated in this round.

Anuj Srivastava, CEO and Co-founder of Livspace said, “It has been a high octane past few months since the launch of Livspace in December 2014. We’re seeing strong growth and business fundamentals across the board and have created an enviable content, and community driven commerce business in the home design space for the first time in India."

The round also saw investments from prominent angels, including Gokul Rajaram, who had recently joined as a special advisor. Livspace will utilise the funds to expand across metros in India, enhance design content and technology, hire senior level talent across verticals and build innovative mobile and designer oriented products.

Launched in December 2014, Livspace has already acquired two companies; DezignUp and Dwll.in, and has strengthened its position as the market innovator in creating content and community driven eCommerce for the home design and décor space. The home design and décor market in India is estimated to be $30Bn.  The industry is poised to grow at over 25% YoY to create a very large category that is largely fragmented today. Livspace is targeting a large chunk of this market and aims to the dominant player in the space.

Amit Anand, Managing Director, Jungle Ventures, said, "Anuj, Shagufta, and Ramakant are disruptive entrepreneurs and have created a truly innovative approach to a complicated problem like home design. Their astounding growth across all both consumer engagement and business metrics is a testament to the strength of the Livspace team. We're very excited to be part of the journey as we create the regions first end-to-end home design platform for homeowners and designers."

(BW Online Bureau)