Livspace raised $8 million in an internal funding round from existing investors Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures last year.
New Delhi: Home Interior Designs E-commerce Pvt. Ltd, which owns online home design start-up Livspace, on Thursday launched a home design automation platform, which will connect the designers on board with customers in real time and speed up the process of overall delivery. With the launch, it targets to grow its annualized revenue by at least three times to Rs.250-300 crore in the next 12 months, according to a top executive of the company.
90% of the company’s business comes through home design and modular design orders, with an average ticket size ofRs.8-10 lakh, said Anuj Srivastava, chief executive officer and co-founder of Livspace.
The home design automation platform is expected to enable interior designers to design better and faster and earn six times more. Currently, on an average, a designer is able to deliver three to four projects in a year.
According to the company, initial beta tests reveal that designers who use the platform for designing are 400-600% faster than their counterparts who work with traditional software and digital tools.
Designers will now be able to access an algorithm-driven library of thousands of editable concepts, edit and combine concepts, or create mood boards in a few minutes. These can then be shared with customers in an automated presentation over the phone or web.
The platform integrates the design concepts with the Livspace e-commerce catalogue of over 10,000 stock-keeping units of products and services. As a result, an automatic, itemized invoice is generated with every concept.
“Our platform is inspired by some of the most popular technology platforms worldwide in the on-demand transport, travel accommodation and mobile industry, in terms of its potential, capabilities and sophistication. The inherent fragmentation in the interior design industry limits business scale, earnings potential and consistent customer experience. With Livspace, designers can now become entrepreneurs and enjoy the benefits of the conversation-centric, platform-driven e-commerce economy,” said Srivastava.
Livspace raised $8 million in an internal funding round from existing investors Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures last year. Before that, it raised $4.6 million in a series A funding round in December 2014.
Livspace was founded in 2012 by tech specialists Anuj Srivastava and Ramakant Sharma, former senior executives at Google Inc. and Myntra, respectively, and Shagufta Anurag, founder of architectural design consultancy Space Matrix.
Last September, it acquired YoFloor, a mobile platform that offers a virtual trial room for home design. Before that, in the same year, it acquired a curated online network of interior designers Dwll.in and online community and marketplace for designers and consumers DezignUp.
It competes with Sequoia Capital-funded HomeLane.com, as well as bigger furniture e-retailers Pepperfry and Urban Ladder. Unlike the online furniture retailers that only sell products, Livspace also offers ready-made home design solutions and connects customers with interior designers.
Livspace currently has over 2,000 home freelance designers on board and targets to have 30,000 in the next 18 to 24 months.