Livspace, an India-based interior design services portal that counts furniture retailer Ingka as an investor, has secured about $60m in funding, the Economic Times reported today, citing a regulatory filing.
Tahoe Investment Group, the parent company of real estate developer Tahoe Group, provided the capital along with the Singaporean state-owned EDBI, investment managers Kharis Capital and Mercer Investments, and private investor Nicholas Cator.
The cash was raised across multiple tranches as part of a funding round expected to close at between $90m and $100m next month, people familiar with the matter told ET.
Livspace runs an online marketplace where customers across seven Indian cities can access services from more than 2,000 interior designers registered on the platform.
Customers can meet designers and get quotes through the service, and once the work has been agreed Livspace takes a 10% cut of the fee. They can also get custom furnishings and installations through the platform.
Ingka Group, a franchisee for furniture retail chain Ikea, had invested $10m to $15m in the company according to an ET report in May 2019, though it is unclear whether that formed part of the latest round.
Bessemer Venture Partners (BVP) and Helion Ventures co-led a $4.6m series A round for Livspace in 2014 that included Jungle Ventures and assorted angel investors, before Helion, BVP and Jungle Ventures joined various individuals to add $8m the following year.
The $8m may have been rolled into the $15m series B round Livspace closed in 2016 which included all three investors. They subsequently returned for a $70m series C round in 2018 that was co-led by investment bank Goldman Sachs and TPG Growth, a subsidiary of private equity group TPG.
