Livspace becomes a unicorn with a USD $180 million Series F investment led by KKR
Livspace, one of Asia’s largest omnichannel home interior and renovation platforms, and KKR, a global investment firm, today announced a US$180 million Series F fundraising in which KKR will participate as the lead investor. The Series F round also witnessed participation from existing investors such as Ingka Group Investments (part of largest IKEA retailer Ingka Group), Jungle Ventures, Venturi Partners, and Peugeot Investments, among others.
Anuj Srivastava, Co-Founder and CEO of Livspace, said, “We are honored to collaborate with KKR in our next phase of growth and for the trust expressed by our existing shareholders. Their deep understanding of global markets, strong brand name and proven expertise in partnering with new age digital brands will help us scale our business 10x in the coming duration. Our business is growing exponentially in both India and Singapore and we aim to replicate this playbook, launch new solutions and accelerate our launches across new markets with operations across APAC, MENA and Australia.”
To support its ambitious expansion plans, Livspace will launch in new markets, double down on brand building in India and Singapore, continue investing in its pioneering platform technology and digitally integrated supply chain; and hire, develop and nurture talent across the board to support both new and existing businesses. The funds will also be channelled towards strategic investments into innovative companies to help them scale and grow even faster. The Company recently acquired a majority stake in Qanvast, a Singapore-based home remodelling and design platform connecting homeowners and trusted home professionals.
Gaurav Trehan, Partner and CEO of KKR India, said: “We are pleased to invest in Livspace, a unique, tech-enabled business with terrific growth potential. Our investment in Livspace extends KKR’s long-term commitment to Indian consumers made through our growth technology strategy in India. Anuj and Ramakant have been leaders in evolving the home renovation industry, and 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.”
KKR is investing Livspace from its Asia next-generation technology strategy. Livspace is KKR’s latest growth technology investment in Asia and adds to other recent investments in the region including Lenskart, an omnichannel eyewear retailer in India, moody, a tech-enabled eyewear company in China, Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, GrowSari, an e-commerce platform serving micro, small and medium-sized enterprises (MSMEs) in the Philippines, and KiotViet, a merchant platform for MSMEs in Vietnam. Additional details of the transaction are not disclosed.
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace has become synonymous with end-to-end seamless home interiors and renovation services.
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Jubail Island Investment Company awards villa and townhouse design contract for Jubail Island Phase 1 to Ramón Esteve Estudio
Jubail Island Investment Company (JIIC) has awarded a contract to design 16 villa and townhouse typologies to be constructed within Phase 1 of the AED5 billion Jubail Island project. The unique designs will cater to discriminating and diversified buyer demands; and include a myriad of differing floor plan layouts, and serviced plots ranging in size from 1,200 to 2,205 square metres – meeting market demand particularly addressing Emirati household preferences.
The project will be designed by Ramón Esteve Estudio (REE). Established in 1991, REE was founded by Ramón Esteve with the premise that architecture is a global discipline. His training as an architect became a transversal vision where architecture and design form one single concept.
The units will blend seamlessly into the adjacent natural environment which completely surrounds and meanders through the communities. The impressive design themes embrace modern and traditional styles; and the villas will range in size from 145-square metre two-bedroom offerings to unparalleled 820-square metre six-bedroom designs. The homes will be interlaced and nestled within a tranquil, very low-density realm as highlighted in the celebrated vision behind the overall project master plan.
With AED400 million in infrastructure works already underway – having already started in early January 2020, home construction is on schedule to start in Q1 2021 with completion slated for 2023. In addition, a mix of serviced plots will also be available for buyers to build their custom dream homes from as early as Q3 2021.
Speaking on the announcement, Richard Russell, Chief Operations Officer of Lead Development – the development management firm overseeing Jubail Island, said: “Following the on-schedule start of infrastructure works on Phase 1 of Jubail Island, we are delighted to announce the appointment of Ramon Esteve Estudio (REE) and EHAF Consulting Engineers for this prestigious design assignment. We are confident that buyers looking for a premier community in Abu Dhabi; providing unparalleled quality of lifestyle for discriminating residents, as well as outstanding and world-class home designs will find residential sanctuary on Jubail Island.”
For his part, Architect Ramón Esteve, added: “We are delighted to ink our partnership with JIIC, bringing our housing design expertise to Jubail Island. Currently we are developing new residential varieties with distinct and distinguishable adaptations; using wood, metal, and stone materials to create a diversity of residential ambiences integrated with the surrounding nature. We are excited to bring our recognised work to the UAE capital, Abu Dhabi.”
Jubail Island will also feature spacious and well-appointed outdoor areas, including parks, walking tracks, kayaking stations and cycling routes to provide a welcome venue for nature lovers and water sports enthusiasts. Located within 4.6 million square metres, very low-density development, entwined within pristine natural environment, the community will also offer all amenities.