Latest News | Livspace to Set Up 150 Experience Centres; Earmarks USD 50 Mn Investment for Expansion

New Delhi, Sep 16 (PTI) Home interiors and renovation platform Livspace on Thursday said its plans to set up 150 Design Experience Centres (DECs) over the next 18 months in 80 cities in the Asia Pacific region, and will invest USD 50 million (about Rs 368 crore) to rapidly scale its business and grow its team.

The new centres will supplement an existing network of over 25 stores in metros and non-metros, including Delhi-NCR, Bengaluru, Mumbai, Ahmedabad, Jaipur and Kochi.

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"The home industry suffers from massive fragmentation. Organising and providing the best customer experience -- across price, timeline, and quality and after-sales service has always been the focus for Livspace.

"We have delivered the Livspace assured experience to more than 30,000 customers across our current markets," Livspace founder and Chief Operating Officer Ramakant Sharma said in a statement.

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He added that the DECs have played a key role in delivering this experience for the entire consumer journey.

"By setting up another 150 DECs in over 60 cities in India and over 20 cities in the Asia Pacific, we intend to bring the same goodness to these new markets. Thus, helping customers experience, personalise and purchase solutions from an internationally trusted brand," he said.

To support its expansion plans, Livspace will also look at onboarding over 1,000 new design entrepreneurs across the country.

Livspace plans to invest USD 50 million to rapidly expand its business and grow the team overseas, the statement said.

The Bengaluru-based firm aims to log USD 350 million (around Rs 2,555 crore) in annual revenue run rate in the next two years as it expands its presence across Asia Pacific, Australia and GCC (Gulf Cooperation Council) countries.

The company, which has raised USD 200 million from Swiss investment firm Kharis Capital, Bessemer Ventures and others, is also looking at achieving the break-even in the next 15 months.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)