Two IIT Kanpur graduate students launched a startup to give a retro look to individuals’ homes. Today, a number of Indian customers are using this platform to renovate their homes and give their homes a fresh retro look.
Anuj Shrivastava and Ramakant Sharma’s journey from IIT Kanpur graduates to unicorn founders is a source of inspiration for many entrepreneurs. Their journey began when they had a bad experience while renovating their home. They saw the common problems faced by homeowners during home renovations.
To address this issue, they decided to launch LIVSPACE in 2014. The company acts as a platform where homeowners can connect with interior designers and contractors to redesign their homes with different designs and style options that fit their requirements.
Early Life
He was an IT graduate from IIT Kanpur. In addition to this, he has also done an MBA from the London Business School. Before establishing LIVSPACE, he was a manager at PepsiCo. Additionally, he also has more than 7 years of experience as the Global Head of Product Marketing and Growth: AdSense, Google Commerce & Mobile Payments, and Maps/Local.
He has also graduated from IIT Kanpur and an MBA from the Indian School of Business. After completing his degree, he worked with Teradata as a software engineer. Later, he moved on to SumTotal Systems and GE Healthcare, where he worked as a software design engineer. Apart from this Ramakant also worked as a technical lead and engineering manager in Ketera and Zapak. After that, he served in leadership roles at Myntra and tech companies.
A Journey Towards Success
In December 2015, LIVSPACE introduced its private label of modular kitchens and wardrobes as well as expanded its services to Bengaluru, New Delhi, and Mumbai.
In 2016, the company launched a home design automation platform for interior designers and established its design partner community program. They continued to expand their business, and later, they opened four offline design outlets with virtual reality setups in Mumbai, Bengaluru, Gurugram, and Delhi.
In 2018, the company further expanded its reach by announcing its services to Hyderabad. Currently, LIVSPACE operates in nine cities in India, including Bengaluru, Noida, Hyderabad, Pune, Thane, Chennai, Delhi-NCR, Mumbai, and Gurugram.
Additionally, in October 2019, Livspace expanded its presence into the APAC region with its Singapore market entry.
Starting from modular kitchens and wardrobes in India, LIVSPACE quickly expanded its company by providing smart design tools and building a community of professional designers.
Fundraising
LIVSPACE has raised an impressive funding of around $500 million through 12 funding rounds.
- December 2014: 1st funding round seed stage including investors like Bessemer Venture, Jungle Ventures, and Helion Venture. Investment received – $4.6 million.
- September 2015: Series A round with investors like Helion venture partners Jungle Ventures and Bessemer venture partners. Investment received – $8 million.
- July 2016: Series B round with Bessemer venture partners and Jungle ventures alongside Helion venture partners as a companion. Investment received – $15 million.
- September 2019: Series C round with TPG Growth and Goldman Sachs, Jungle Ventures, Bessemer venture partners, and Helion venture partners. Investment received – $70 million.
- December 2020: Series D round with Kharis Capital, Venturi partners, FFP, and EDBI. Investment received – $90 million.
- February 2022: Series E round with KKR along with the existing investors.Investment received – $180 million.
Challenges and Losses
The success journey of Anuj and Ramakant was not easy. They have seen numerous challenges and losses.
Financial year 2016-17: The company experienced both revenue growth and losses. Despite this, they managed to double their revenue from INR 9.1 crore to 22.4 crore from the previous year. However, their losses also increased five times to INR 47.7 crore.
Additionally, the company also faced challenges during the COVID-19 pandemic, which led to the layoff of around 450 employees as the company was impacted due to the pandemic. However, Bangalore-based LIVSPACE has recovered since then and is now operating in 13 cities, including Singapore.
Awards and Achievements
For their innovative ideas, Anuj and Ramakant have received multiple awards including:
Picture Credits: LIVSPACE
