Livspace to invest Rs70 crore in designer partnership initiative
Bengaluru: Online home design marketplace Livspace Thursday said it will invest Rs70 crore in its designer partnership initiative which allows freelance designers and architects to sell their home designs on Livspace.
The company also plans to invest the money for signing up and certifying freelance designers and studios, engagement programs, infrastructure and expanding its network across top metros cities.
Within a year of launch, the initiative received 10,000 applications from designers across the country, Livspace said in a statement.
Livspace is an online marketplace which connects home designers with customers. Customers place a design requirement on the website of Livspace, which has tie-ups with third-party vendors to source supply of furniture and home design accessories. Designers make use of Livspace’s proprietary 3D design software Canvas, which lets them source business leads and develop designs in 2D, 3D and in virtual reality (VR).
It also has flagship design centers in Bengaluru, Delhi, Gurgaon and Mumbai which allow customers to get expert consultation, experience interiors, select materials, and visualize their home design in VR.
Deign partners deliver an average order value of Rs12 lakhs per order to the company. Currently, these designers contribute almost 80% of revenue and the company plans to hit $100 million annualized revenue run rate in the next 15 months.
“By 2022, we want to design one out of every 10 homes in Indian metros and our design partner network will be our most valuable asset in that journey,” Anuj Srivastava, chief executive officer, Livspace, said in a statement.
Srivastava told Mint that Livspace sources designer partners directly from its website, and that the company has designed more than 2,500 homes till date. A large part of them are freelancers, stay-at-home moms, and professional designers, he added.
Livspace has raised over $27 million in investments led by Helion Ventures, Bessemer Venture Partners and Jungle Ventures till date. The start-up was founded in December 2014, by Anuj Srivastava, an IIT-Kanpur graduate, and Ramakant Sharma who is currently chief technology officer.