Livspace to spend ₹30 crore on expanding offline stores
Livspace is looking to add five or seven new experience centres to the existing four in Hyderabad, Chennai and Pune at ₹3-4 crore each
Bengaluru: Online home design start-up Livspace, operated by Home Interior Designs E-commerce Pvt. Ltd, plans to pump in ₹30 crore to strengthen its brick and mortar presence, a top company executive said.
The investment is expected to come in tranches over the next nine months to one year. Livspace, which counts Bessemer Venture Partners and Helion Venture Partners, as its investors, is looking to add five or seven new experience centres, to the existing four—one each in Bengaluru and Mumbai and two in Delhi-NCR. The new stores, which are set to come up in Hyderabad, Chennai and Pune, will cost ₹3-4 crore each.
By the end of December, Livspace expects to clock sales of $10-12 million per month. “There is a strong connect between a customer and a designer. Having an experience centre helps them meet more and it is a tactile experience, which also helps in building trust,” said Ramakant Sharma, co-founder and chief operating officer, Livspace.
Livspace’s experience centres are typically spread over 5,000 sq. ft, and come with swatch libraries, virtual reality spaces and coffee and snack counters. Its decision to expand its offline presence is part of a growing trend in the interior design and furniture space. While HomeLane is investing $5 million to expand its offline presence, Pepperfry is also expected to double its offline presence by March 2019. Urban Ladder is, too, infusing $3 million.
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