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Livspace expands to four new cities to capture the $500 million modular home solutions market

Published in LifeStyle Thursday, 11 March 2021 16:54

●    Expands services to Kolkata, Ahmedabad, Jaipur and Kochi
●    Expansion accompanied with the opening of four new experience centers (ECs)
●    Targets a partnership with 500+ design entrepreneurs in the first year

Bengaluru : Livspace, India and Southeast Asia’s largest home interiors and renovation platform, announced its expansion into four new cities—Kolkata, Ahmedabad, Jaipur, Kochi—offering its high-demand modular solutions in the new markets. As a result, residents will now have access to modular kitchens and wardrobes from an Internationally trusted brand with high quality, style and choice. To help homeowners experience, personalize and purchase these solutions, the company simultaneously opened Experience Centres (ECs) spanning ~1500 sq ft each in prime locations in all four cities. The expansion is marked by a targeted marketing campaign that will go live soon and will use both ATL and digital channels to create awareness and interest.

Livspace Experience Centres (ECs) allow homeowners to get inspired by the multiple kitchen and wardrobe concepts displayed in different styles and budgets. They can meet an expert for guidance and also explore hundreds of materials for their home. This helps homeowners to make an informed decision and feel confident before the purchase. The recently launched experience center in Kochi is located on the ground floor of Geo Centre in Chakkaraparambu, offering modular Kitchen, Wardrobe and Storage solutions for all.

As per internal estimates, the modular solutions market in the four cities is valued at around
$500 million. By tapping into this large opportunity, Livspace expects these new markets to contribute to over 10% of its overall revenue in the next two years. As Livspace is the first organised player in its segment to enter Jaipur, Ahmedabad and Kochi, the company is focused on establishing itself firmly in the minds of consumers as well as its ecosystem partners that include designers, contractors and vendors. In the coming year, over 500 design entrepreneurs from its new markets can expect to join the Livspace ecosystem that currently boasts over 5000 members, making it one of the largest in the country.

Speaking about the decision to enter these new markets, Ramakant Sharma, co-founder and COO of Livspace, said, “In the next 20 cities beyond the metros, consumers already have a strong appetite and spending propensity for lifestyle products from trusted brands. But, as expected, the renovation industry is fragmented in these cities and there is no strong brand in the home interiors segment. Livspace boasts the right product market fit and we are excited about the opportunity of designing thousands of new homes with the help of our ecosystem partners. We want to be the first ones to come to people’s mind when they think of a home renovation and this expansion plays a crucial role in reaching that goal.”

Shedding light on the modular solutions business of the company, Saurabh Jain, SVP, Category and Supply at Livspace, added, “In an average home, modular solutions make up over 50% of renovation spends. In non-metros, this percentage is even higher as consumers aspire to owning a well-designed modular kitchen or wardrobe, especially new homeowners moving into apartments and high-rises. With our superior quality modular products and a commitment to enable the design entrepreneurs to deliver a great customer experience, Livspace is well placed to capture a substantial market share.”

Highlighting the role of design entrepreneurs and franchisee partners in the expansion of Livspace into new markets, Lalit Mittal, AVP, New Business Initiatives, added, “We take pride in our thriving partner ecosystem and invite passionate entrepreneurs to join us in our journey. They are central to Livspace successfully extending its customer promise to homeowners in new cities.”

Livspace is on a rapid expansion path in both India and APAC region. In India, the company plans to be present in 30 Indian cities including markets like Mysore, Lucknow, Mangalore and Surat in the next 12-18 months. The market entries will be accompanied by expansion of its retail footprint as well through tens of Experience Centres (ECs) owned by franchisees. In the APAC region, Livspace is deeply evaluating markets like Australia, Malaysia and Indonesia.

About Livspace
Livspace is India and South-east Asia’s largest and fastest-growing omnichannel home interiors and renovation platform. Livspace uses its proprietary technology to provide a one stop renovation solution for homeowners—from design to managed last mile fulfillment for all rooms in a home. The platform has organized a fragmented industry, bringing together designers, brands, manufacturers and contractors to enable an eCommerce-like trusted and predictable experience. Livspace currently serves Singapore as well as nine metro areas in India (Bengaluru, Delhi, Noida, Gurgaon, Mumbai, Thane, Pune, Hyderabad and Chennai).
Livspace has showcased phenomenal growth since its launch, having delivered over 100,000 rooms and selling over 7.5 million SKUs through its platform. The company has raised over USD 200 Mn in capital by some of the top global investors including Ingka Ventures (IKEA), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, FFP (Peugeot Group’s Holding Company), EDBI, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.
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