Watch: Technology key for solving critical problems in the design industry: Rohit Modi, Livspace
Most home buyers and owners find it a daunting proposition to go about doing the interiors of their new homes. The problems are numerous, ranging from widespread delays in the completion of work to multiple hidden costs. Bengaluru-based Home Interior Designs Ecommerce, which runs home decor platform Livspace, has made it its business to ease out those problems for home owners.
The platform connects suppliers, designers and customers and blends the latest frontier technologies to enable home owners to estimate pricing, delivery and even get the final look of the room down to the last detail.
Unlike most other ecommerce companies, who have a host of data easily available, Livspace has to work within a small window to collect data and derive the best insights. After all, it isn’t often that people go shopping online for the right interior design for their new homes.
The company has raised over $103 million in funding over three series, with the most recent being an undisclosed round led by Ingka Investments, the investment arm of Ingka Group which own Swedish furniture giant IKEA. Livspace raised a Series C funding round of $70 million in September 2018 which was led by Goldman Sachs and private equity firm TPG Growth.
Founded in 2015 by IIT Kanpur alumni Ramakant Sharma and Anuj Srivastava, Livspace claims to have designed and delivered solutions to over 7,500 homes till date. The company has plans to expand to 50 locations in India and expand overseas.
In an interview with TechCircle, Rohit Modi, head of product and growth at Livspace, said that the platform has not even started to tap into the real potential on offer. Modi also spoke about how the platform came into existence, the building of the recommendation engine and the content distribution engine from the ground up and how the company goes about understanding customer preferences.