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Home interiors is struggling. Can Livspace get its act together and go public?

Livemint

Livemint · 8m ago

Home interiors is struggling. Can Livspace get its act together and go public?

Livspace, a Bengaluru-based home interior company, has faced complaints from dissatisfied customers due to issues such as missed timelines, incorrect materials, and poor customer service. Despite claims of over 90% customer satisfaction, Livspace's revenue growth has slowed. The company aims to go public within the next 18 months, but faces challenges such as slowing growth in the sector and its high valuation. Livspace has been focusing on reducing its cash burn, cutting costs, and optimizing profitability. The company also plans to expand into smaller towns and cities and launch its own branded products.

Related News

Reverse Flipping: Now, Livspace sets sight on India return as it targets IPO in 2025

Inc42 · 1y ago

Reverse Flipping: Now, Livspace sets sight on India return as it targets IPO in 2025

Livspace, a home renovation and interiors platform currently headquartered in Singapore, is planning to shift its domicile back to India within the next 9-12 months. The startup is also aiming for a public listing on the Indian stock exchange in 2025, and is working towards achieving profitability by the end of the current financial year. Livspace is also considering strategic acquisitions to expand its offerings and enter private labels and niche categories.

Design Cafe on the block; will HomeLane, Livspace bite?

Livemint

Livemint · 1y ago

Design Cafe on the block; will HomeLane, Livspace bite?

DesignCafe, an interior solutions provider backed by WestBridge Capital, is reportedly up for sale due to its inability to scale up and lack of funding from existing investors. The company has engaged in talks with potential strategic and financial investors, including HomeLane and Livspace, for a possible merger. The home interiors segment, largely led by unorganized local players, has limited companies achieving significant scale. With the real estate market rebounding, the sector has gained momentum, with Livspace aiming to list in India and HomeLane reaching profitability with over ₹1,000 crore in revenue.

RedBus appoints Livspace's Saurabh Agarwal as finance chief

Economic Times

Economic Times · 1m ago

RedBus appoints Livspace's Saurabh Agarwal as finance chief

RedBus has appointed Saurabh Agarwal as its new Chief Financial Officer. Agarwal brings over two decades of experience in financial leadership, corporate strategy, and distribution planning across various sectors, including healthtech, life insurance, and home interiors. He previously served as group CFO at Livspace and was part of the founding team at Medlife.com. His financial expertise and leadership are expected to support RedBus's growth and expansion strategies effectively.

Livspace plans down round; Bajaj unit, Vishal Mega Mart pick bankers for IPOs

VCCircle

VCCircle · 1y ago

Livspace plans down round; Bajaj unit, Vishal Mega Mart pick bankers for IPOs

Livspace, a home and interior platform, is reportedly seeking $20-25 million in funding from private equity firm KKR in an internal round. Although Livspace has previously raised $180 million, its valuation has declined to around $700 million from $1.2 billion. The company's plans for the funding come after news that Bajaj subsidiary Bajaj Consumer Care and retail chain Vishal Mega Mart have chosen advisers for their respective initial public offerings (IPOs).

Livspace to file for domicile flip from Singapore for IPO in 2025-26

Economic Times

Economic Times · 10m ago

Livspace to file for domicile flip from Singapore for IPO in 2025-26

Ikea-backed home decor startup Livspace is planning to shift its domicile from Singapore to India and has received in-principle approval for the same. The company aims to launch its IPO by late 2025 or early 2026. Livspace, which is currently Ebitda negative, expects to achieve Ebitda profitability by March 2025. It has a revenue run-rate of INR 1,500 crore for FY25. Livspace is also actively pursuing the acquisition of a consumer brand in the appliances and home furnishing business. The company plans to double its number of stores to 200 by March.

KKR-backed Livspace's topline rises 21% in FY24, EBITDA loss halves

VCCircle

VCCircle · 10m ago

KKR-backed Livspace's topline rises 21% in FY24, EBITDA loss halves

KKR-backed Livspace, a home interior and renovation company, has reported a 21% increase in revenue and a halving of its adjusted EBITDA loss for FY24. The company's revenue reached INR 1,185 crore ($158 million) and its adjusted EBITDA loss decreased to INR 246.7 crore. Livspace has seen strong growth in the residential segment, particularly in the premium and mass premium sectors. It expects to achieve profitability by the end of the year and is considering an India listing within the next 18-24 months. Livspace offers a range of home interior solutions and has a network of over 90 stores in India.

HomeLane banks on commercial interior design business to drive growth

Livemint

Livemint · 10m ago

HomeLane banks on commercial interior design business to drive growth

- HomeLane's commercial interiors vertical, Cubico, is expected to generate 10% of its revenue, around ₹80 crore, this year. - The company's goal is for Cubico to become a ₹1,000-crore business in the next five years, targeting the SME segment. - HomeLane plans to expand its services in the home interiors business and has started piloting Wrap Zap, a service that offers quick makeovers for small spaces. - The company aims to expand its presence from 25 cities to 50 cities in the next two years, capitalizing on the demand for branded home interior solutions in tier 2 markets. - HomeLane recently acquired Design Cafe, broadening its target market to more premium customers and emphasizing the design journey aspect. - HomeLane set ambitious growth targets, aiming for a four-fold increase in revenue in the next five to six years, reaching ₹2,500-3,000 crore.

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

Entrackr

Entrackr · 10m ago

Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 48%

After an 85% year-on-year growth in FY23, omnichannel home interior and renovation platform Livspace saw a modest 14.78% growth in scale during the fiscal year ending March 2024. The Singapore-headquartered firm, however, kept its losses in check during the same period. Livspace’s revenue from operations increased to Rs 1,185.7 crore (SGD 192.48 million) in FY24 from Rs 1,033 (SGD 167.7 million) crore in FY23, according to its group company’s consolidated annual financial statements in Singapore. Livspace allows homeowners to discover pre-designed rooms, kitchens, and storage areas on its platform. Revenue from its interior projects biz formed 94% of the overall revenue which increased 16.5% to Rs 1,110.65 crore in FY24 from Rs 953.32 crore in FY23. The Bengaluru-based company generated additional revenue of Rs 69 crore from the sale of products and allied contractual services in FY24. It also added Rs 48.4 crore in income, mainly from interest on fixed deposits, bringing the total income to Rs 1,234 crore in FY24, up from Rs 1,058 crore in FY23. For the home interior brand, the cost of sales, including project materials, inventories, and materials consumed, accounted for 35.6% of the overall expenditure. Despite a 14% surge, this cost remained steady at Rs 586.8 crore in FY24. Its employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses. Marketing, rent, brokerage, and technology expenses contributed to an overall expenditure of Rs 1,647.8 crore (SGD 267.5 million) in FY24, down from Rs 1,861.6 crore (SGD 302.2 million) in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -69% -27% Expense/₹ of Op Revenue ₹1.80 ₹1.39 ROCE -98% -79.5% Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore (SGD 67.1 million) in FY24, down from Rs 803.3 crore (SGD 130.4 million) in FY23. Its ROCE and EBITDA margins improved to -79.5% and -27%, respectively. On a unit level, Livspace spent Rs 1.39 to earn a rupee in FY24. Livspace is all set to shift its domicile to India from Singapore and the firm has also received approval from its board, according to the company’s founder Ramakant Sharma. It has plans to go public in the next 18-24 months. The company, for all its all out efforts to reduce losses without giving up on growth faces a tough challenge to sustain these efforts. More often than not, there is a point where cost cuts become counter productive, or worse make you wonder what you were doing with them in the first place. Livspace is on course to discover either of those two realities soon. *Currency converted from Indian rupees to Singapore dollars: SGD 1 = 61.6 rupees.

Pune man’s waterless car wash earns Rs 2.5 crore annually

Inshorts · 1y ago

Pune man’s waterless car wash earns Rs 2.5 crore annually

Pune-based startup Go Waterless, set up by Nitin Sharma, has developed eco-friendly high-lubricity sprays that clean car interiors and exteriors without water. With a presence in 22 states, the company has been profitable since its inception in 2019 and saves 12 lakh litres of water daily

Interior Design Startup Flipspaces Raises $4 Mn In Pre-Series B Funding Round

Inc42 · 1y ago

Interior Design Startup Flipspaces Raises $4 Mn In Pre-Series B Funding Round

Mumbai-based interior design startup Flipspaces has secured $4 million in a Pre-Series B funding round led by Prashasta Seth, former CEO of IIFL AMC, with a mix of equity and debt. The funding will support Flipspaces' expansion on the West Coast of the US and strengthen its technology infrastructure. The startup designs interiors for commercial spaces and offers tech-enabled solutions. Flipspaces previously raised $2 million from Seth and other investors and had secured $3.5 million in Series A funding from Carpediem Capital. It competes with companies like Livspace, HomeLane, and Bonito Designs in the interior design space.

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