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Publish Date : 2023-08-08
Home decor company Livspace lays off 100 employees | Business Insider India
Publish Date : 2023-03-20
HomeLane lays off 30-40 employees in product, tech roles
HomeLane has laid off 30-40 people in product and tech roles, according to sources, who spoke to businessline on the condition of anonymity. The sources added that the step was taken as the company is aiming to become EBITDA profitable by June and had to shutdown some ongoing initiatives for the same. As per Linkedin, HomeLane has 1,000-5,000 employees. Fundraising In September 2021, HomeLane raised $50 million (₹371 crores) Series E funding led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures. Existing investors Pidilite, Evolvence, NuVentures, Sequoia and Accel also participated in this round of fundraising. Overall, the company has raised more than $104 million (₹765 crores) in funds over the last 7 years. In late 2022, HomeLane was reportedly looking to raise $80-$100 million funding and has also been in talks with WakeFit for a merger. Net loss The company reported a net loss of ₹153 crore in FY22, which is 50 per cent more than FY21. This was against a revenue of ₹426 crore in FY22 from ₹276 crore in FY21. Businessline’s messages to HomeLane founder Srikanth Iyer did not elicit a response. The ongoing funding winter and uncertain market conditions have led to massive layoffs across tech companies. From majors like Microsoft, Amazon, and Google to young unicorns such as BYJU’S, Unacademy, and Ola have laid off employees and announced cost-cutting measures to sustain the market downturn.In 2020, HomeLane’s competitor Livspace has also laid off 450 employees, almost 15 per cent of its total workforce, due to the harsh impact of coronavirus lockdown. Further, furniture and decor brand Urban Ladder laid off 90 employees in 2019 as the company struggled to raise new funding and make more profit. SHARE Copy linkEmailFacebookTelegramLinkedInWhatsAppRedditPublished on March 6, 2023
Publish Date : 2023-03-06
Home decor unicorn Livspace forays into the B2B segment; plans to touch ARR of $100 mn in 24-36 months
Home decor tech unicorn, Livspace has announced its foray into the business-to-business (B2B) segment with the launch of Livspace For Business. With this move, the Bengaluru-based company known for designing homes is venturing into the commercial interiors business space as well as aims to create a “highly efficient digital supply chain” for the B2B sector. Commenting on this move, Saurabh Jain, co-founder and CEO of Livspace said that they plan to leverage the post COVID-19 trend of returning to offices. “Leveraging our unique technology platform and pan-India presence, this segment will help brands experience, personalise and purchase commercial solutions from an internationally trusted brand,” he said. Jain also added that they are building a business model which will reach an annual recurring revenue of $100 million over the next 24-36 months. The main verticals the B2B business will be operating across include offices, retail, hospitality, warehousing, among others. It has already executed certain pilot projects for the likes of Decathlon, Domino’s, McDonald’s, WeWork, and more. Sudarshan Choudhary, Head of Livspace B2B said that as per reports, the commercial real estate market is set to witness double digit growth in the coming years. “With rising demand for flexible, intuitive spaces, Livspace for Business is poised to deliver the next generation of commercial spaces,” he said. The online interior decor company was founded in 2014 by Ramakant Sharma and Anuj Srivastava. The company claims that it has witnessed over 100 per cent growth in the last six months. Moreover, it also claims to be a market leader with close to 70 per cent share in the organised sector. According to data shared by Tracxn, Livspace has raised $517 million and is backed by prominent investors such as Goldman Sachs, Bessemer Venture Partners, IKEA, Jungle Ventures, and a few more. Livspace achieved the unicorn status this year in February when it raised $180 million. Also Read: Big League: Udayan Mukherjee's column on India's top companies Also Read: Homegrown VC Blume Ventures overshoots target to close fourth fund at $250 mn
Publish Date : 2022-12-07
Funds Raised By Top 10 Startups In India
The money needed to establish and run a startup company is called funding. It is an angel investment aimed at production enhancement, expansion, sales and marketing, distribution, etc., of a startup. While some startup companies prefer to seek external finance, others rely on private funding to prevent debts and equity dilution. Most companies raise money as they expand their business. Given below are the top 10 startups in India today based on funds raised: Top 10 Startups Dream Sports, the parent company of fantasy gaming platform Dream11, received $840 million in a deal valued at $8 billion last year, as per reports. The investors include Falcon Edge, Tiger Global, etc. Earlier this year, Swiggy secured $1.25 billion from SoftBank Vision Fund II and previous investors Proses (formerly Naspers), Accel, and Wellington Management, as per reports. This was the company’s largest fundraising round since its founding. The firm is now worth $5.5 billion. Livspace, a platform for home and interior design, has secured $180 million in Series F round as per reports, which was headed by private equity firm KKR and included participation from many previous backers, including Ingka Group Investments, Jungle Ventures, Venturi Partners, and Peugeot Investments. Last year, fintech unicorn Razorpay secured $375 million at a valuation of $7.5 billion in Series F fundraising from Lone Pine Capital, Alkon Capital, and TCV, as per reports. Tiger Global, Sequoia Capital India, GIC, and Y Combinator were some of the other investors in the round. Since its founding, Razorpay has successfully raised $741.5 million. According to media reports, on February 2, 2022, Tiger Global and Sequoia Capital co-led a $250 million investment round for Chargebee, an enterprise-focused subscription management platform. After the financing, the company’s valuation increased to $3.5 billion. Pune-based startup in logisticsTo become a unicorn, Xpressbees secured $300 million fundraising round on February 9, 2022. According to reports, the firm’s most recent fundraising valued it at $1.1 billion. Private equity firms ChrysCapital, TPG Growth, and Blackstone Growth took the lead in the fundraising round. OYO has secured $3.1 billion from worldwide institutional investors on January, 13, 2022. The funds would be used to reduce debt and for additional business initiatives, as per reports. The offering was oversubscribed 1.7 times. The business got pledges totaling over $1 billion from major institutional investors. Pepper Content has raised $14.3 million in a funding round led by Bessemer Venture Partners, as per reports. Pepper Content is a comprehensive content marketplace that links content producers with organizations that need content. In May, logistics and supply chain company Delhivery secured $301 million from 64 anchor stakeholders ahead of its initial public offering (IPO), as per media reports. In March 2022, ed-tech platform BYJU’S raised $800 million in a round of investment led by founder and CEO Byju Raveendran, as per reports. Sumeru Ventures, Vitruvian Partners, and BlackRock are among the investors who contributed. Raveendran made a personal contribution of $400 million. Open Free Demat account Final Thoughts In this article, we learned about the top 10 startups in India currently based on funds raised. Funding enhances a startup’s profile and attracts interest. It adds value to the firm and shows potential partners, customers, and investors that the business is worth investing in.
Publish Date : 2022-11-02
Livspace elevates Saurabh Jain as Co-Founder & CEO; Lalit Mittal as Chief Business Officer, India Business
Saurabh Jain (left) and Lalit Mittal (right) Livspace, the omni-channel home interiors and renovation platform, has announced top-level C Suite appointments. Saurabh Jain, Chief Business Officer, has been elevated as Co-Founder and CEO, India operations, while Lalit Mittal has been appointed as Chief Business Officer, India. Furthermore, Ankit Shah has been roped in as the new Group Chief Strategy Officer. As Chief Business Officer and Country Head, Jain has been instrumental in driving the company's India operations by launching solutions across regions. In his new role, he will now lead business expansion and key strategic initiatives in line with Livspace’s accelerated growth plans. He will continue to focus on ramping up the India business while delivering best-in-class home solutions to the consumers. At Livspace, Mittal has been driving the functions under the home interiors segment. As Chief Business Officer, he will now be responsible for the development and execution of new business functions while driving the long-term growth strategy. An industry veteran, Shah will lead Livspace’s organic and inorganic growth initiatives. He will also spearhead collaboration across verticals on strategic projects to drive market share growth and increased thrust on expansion into new markets and product categories. Prior to joining Livspace, he was associated with Goldman Sachs as the Executive Director and, in the past, worked at McKinsey & Co. and Citigroup across New York, Moscow, Singapore, and Mumbai. Shah’s experience spans over 15 years across financial services and management consulting where he has led businesses and teams across the US and Asia-Pacific and helped companies scale organically and inorganically. Anuj Srivastava, Co-founder and CEO, said, “In the past year, we have witnessed multi-fold growth while expanding our global footprint. The evolution of the leadership team is happening at a critical time as we continue to move towards our goal of scaling the business 10X in the coming years. Both Saurabh and Lalit have played a significant role in the company’s growth and global expansion and their elevation reflects our dedication to recognizing expertise and the proven track record of internal leaders.” “We are also extremely excited to bring Ankit on board, especially at this time where we are scaling the business and driving efficiency across the board. He will lead and define our capital deployment planning and strategy, especially focusing on new markets, business incubation and scale across India and Singapore. I am confident that our leadership team will help expand and accelerate our business agenda of cementing our leadership in the home interiors and renovation market,” he added. Talking about his new role, Jain said, “As a proud partner in Livspace's exceptional journey, I'm thrilled to take on this new role. Livspace has re-defined and completely disrupted home renovation and interior space. I am energised by the vision of building a platform for all-things-home for Indian homeowners. With the support of the incredible team at Livspace, I look forward to championing this next phase of our India story.” Mittal said, “At Livspace, as we transform the industry, we are leveraging technology to not only create reliable and accelerated custom journeys towards their dream spaces but also create job opportunities in a traditionally unorganised ecosystem. It's an exciting time to be at Livspace, at an inflection point in our growth story. I am confident that in my new role, we will chart out a new phase of growth as we continue to innovate and bring new products in the home interiors and renovation industry.” Shah said, “I am joining Livspace at a really exciting time. The team has built an incredible business that has revolutionised the entire home interiors and renovation industry through technology at scale. I believe we have an opportunity to double down on this tech-led model and bring more innovation to our customers and design partners. I look forward to supporting Livspace’s growth vision and creating value for all our stakeholders.” [email protected]
Publish Date : 2022-06-01