India’s Livspace turns unicorn with $180 million KKR-led funding

BUSINESS DESK: India’s Livspace said on Tuesday it crossed the billion-dollar valuation mark after raising $180 million in a late-stage funding round led by KKR & Co, as it looks to double down on international expansion and take on local competitors.

The home renovation platform is the 86th “unicorn” from India, according to Venture Intelligence Unicorn Tracker, in a period of record funding in Indian start-ups that saw 43 firms join the club last year alone.

Swedish retailer Ikea, among other early backers Jungle Ventures, Venturi Partners and Peugeot Investments, also invested in the round.

Livspace, a Singapore-registered firm with significant operations in India, has raised about $450 million to date.

“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,” Chief Executive Officer and co-founder Anuj Srivastava said in a statement.

For private-equity firm KKR, the deal is the latest in a series of transactions in the consumer internet space including Indian eyewear retailer Lenskart, China’s digitized dairy startup Adopt A Cow, and small enterprises-focused platforms GrowSari and KiotViet in South East Asia. (Reuters)