Home Design Platform Livspace To Invest $30 M In Singapore
Livspace, home interior and renovation platform, has launched operations in Singapore, with a plan to invest $30 million to grow the business in the city-state.
As per a statement, the India-focused company’s expansion to Singapore marks the first stage of its Asia-Pacific strategy, which encompasses more launches from 2020 onwards.
Founded in 2015, Livspace operates a three-sided marketplace and a design automation platform connecting homeowners, vendors and certified designers. It operates data science-enabled algorithms to match homeowners with the best designers based on budget, preference, timeline, and scope of work.
Its proprietary design-to-installation platform known as Canvas allows users to get the look and feel of their potential homes and provides easy access to related products and services.
“Over the next 30 months, we aim to build Livspace into a $500 million business, operating across APAC, and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Anuj Srivastava, Co-founder and CEO, Livspace.
Ravindran Shanmugam, the country head for Livspace Singapore, stated that the country is highly attractive for the company, with the city-state’s $5 billion home design industry growing at 10 per cent year on year.
The company plans to base over 250 employees in Singapore, which includes central platform teams. It also targets to onboard thousands of freelance designers, contract manufacturers, original equipment manufacturers, and brands to build out its e-commerce supply chain over the next two years.
The company also said it that it plans to invest in creating an omnichannel experience using virtual reality, augmented reality and platform-integrated physical design experience centres.
