Singapore-based Livspace said on Tuesday that global investment firm KKR led a $180-million funding round into the Asian largest omni-channel home interior and renovation platform.
Ingka Group Investments, part of Asia’s largest IKEA retailer, Jungle Ventures, Venturi Partners and Peugeot Investments also contributed.
Livspace said it would use the funding to support “ambitious expansion plans,” including new markets in Asia, Oceania and the Middle East.
The company said it would also develop “brand building” in India and Singapore, two of its major markets.
The funds will also be channelled towards strategic investments into innovative companies to help them scale and grow even faster.
Livspace recently acquired a majority stake in Qanvast, a Singapore-based home remodelling and design platform connecting homeowners and professionals.
“We are pleased to invest in Livspace, a unique, tech-enabled business with terrific growth potential,” said Gaurav Trehan, chief executive of KKR India.
Integrated Supply Chains
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace uses digitally integrated supply chains in the home improvement industry linking homeowners, vendors and designers.
“KKR looks to draw on our deep technological and operational expertise, as well as our regional and global network, to support Livspace’s continued growth,” Trehan said.
Livspace is KKR’s latest growth technology investment in Asia, following investments in Lenskart, an eyewear retailer in India, Moody, a tech-enabled eyewear company in China, and Adopt A Cow, a direct-to-consumer dairy company in China.
On Tuesday, KKR reported record earnings and growth, buoyed by strong investment gains and acquisitions.
The New York-based private equity group generated fee-related earnings of $606 million in the fourth quarter, a 45% rise overf the previous year. Distributable earnings – a proxy for the firm’s cash flows – were $1.4 billion, up 158% year-on-year.
- George Russell
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