Home design service provider Livspace today said that it has raised USD 8 million(about Rs 50 crore)in an internal round of funding.
This investment comes within months of the launch of Livspace in December last year and the Series A round of funding USD 4.6 million, the company said.
The funds would be used to accelerate Livspace's strong momentum across product and design innovation, user engagement on mobile and web, and revenue growth, it said in a release.
All existing institutional investors-- Helion Venture Partners, Bessemer Venture Partners and Jungle Ventures, participated in this round, which also saw investments from prominent angels, including Gokul Rajaram, who had recently joined as a special advisor.
Livspace will utilise the funds to expand across metros in India, enhance design content and technology, hire senior level talent across verticals and build innovative mobile and designer oriented products, the release added.
The home design and decor market in India is estimated to be USD 30 billion, with the industry poised to grow at over 25 per cent YoY to create a huge category that is largely fragmented today.
Livspace said it is targeting a large chunk of this market and aims to be the dominant player in the space.
