“When I attempted to layout my domestic again in America, I realised that what must preferably be a fun, interesting enjoy simply effects in a ton of frustration. And that’s the tale international,” begins Anuj Srivastava, the co-founder of Livspace, an end-to-give up domestic design and décor service provider.
The traditional home design industry could be very fragmented and the layout process involves coordinating with numerous neighborhood vendors, visiting neighborhood markets on layout-thoughts-products hunt, paying hefty sums to indoors designers for design consultations and, nonetheless no longer locating the right design or set up employees for your dream undertaking.
Launched in December 2014, Livspace is a curated marketplace for house owners and domestic designers. As according to the founder, Indian clients nowadays have a strong consumer urge for food for a remarkable, personalized, and predictable revel in inside the domestic layout and decor marketplace phase and Livspace pursuits to be their one-prevent solution.
With Livspace, clients can find out hundreds of designs for all sorts of rooms, personalise the layout – by using colour, cloth, style – to their liking, and get the precise look for their houses in a remember of weeks.
Livspace already has masses of interior layout looks and over 30,000 SKUs which are being customized through owners on an everyday basis. The agency has additionally visible worker numbers developing because launch, with rapid hiring in areas like technology, data science, design, and go-to-market.
Not handiest this, due to the fact inception Livspace has raised $27.6 Mn of capital from mission corporations like Helion Ventures Partners, Bessemer Venture Partners, and Singapore-based totally Jungle Ventures.
From Frustration To Innovation: How Livspace Fits The Bill
Livspace become stimulated by the combined frustrations of Anuj, and the other two co-founders, Ramakant Sharma and Shagufta Anurag, while getting their domestic designed and realising that as opposed to it being a amusing, fun revel in — it changed into a nightmare.
“I had an condominium in San Francisco and even as I used Houzz to find a clothier, it actually took me nine months and masses of misery to get my home designed. Ramakant become right here in India and had spent limitless months with carpenters, designers — who’re no longer very well-educated, and visits to stores to in the end get his kitchen and home design performed. Meanwhile, Shagufta, while at Space Matrix, had worked with heaps of apartments via assets developers and realised that that is a complicated trouble and desires a smooth addressal,” recalls Anuj.
Anuj additionally saw etailers like One King’s Lane and Houzz within the US, which inspired the inception of his startup. The trio together thought if they might create an quit-to-end enjoy where owners can find out lots of extremely good satisfactory designs, personalise the designs to their liking, after which deck up their houses or the home design in weeks, it'll be a laugh.
“We cherished the idea, ran into RK (Ramakant) who is a technical genius, Shagu (Shagufta) is my sister-in-law besides being a design genius and an entrepreneur, and, given my experience constructing amazing net merchandise, we got here together to put together, likely, the arena’s pleasant group to solve this complex hassle of making houses everywhere look lovely the use of the Internet,” says Anuj.
The most difficult component for the trio become to call the startup. They desired a crisp, intelligible call for his or her logo. “It needed to be evocative of design however no longer the inanimate kind, we wanted human beings to intuitively recognize that our designs are past quite, they’re designed to be lived in, due to the fact that’s our layout philosophy — to seize the needs and lifestyle of different human beings and translate them thru innovative layout right into a useful, efficient and innovative living environment. Livspace perfectly suits the bill,” remembers Anuj.
Your Personal Home Designer: From 2D to 3-D
Livspace presents an cease-to-give up domestic design enjoy. It is like ‘your non-public home clothier’ on line but — in contrast to traditional designers — do not charge for the look, the layout service, or the ultimate mile installation procedure. With Livspace, one only can pay for buying home products such as the furnishings, services, and accessories. Everything else is free. So it provides, a quick, nice, home layout revel in which really comes at an less expensive rate.
Talking about their generation, LivSpace has built inhouse generation. It has a team of engineers, statistics scientists, and product managers who rent a combination of facts technological know-how, algorithms, and industrial design to create reports for owners and scale up the activity of interior designers.
Livspace designs permit indoors designers to devise the space in 2D, on a ground plan. The same may be transformed right into a 3D layout right away at the clicking of a button. The designers can plan successfully and the owners can visualise effectively with a single, unfastened device at the cloud.
“One of our recent improvements turned into the release of worldwide’s first home layout automation platform. The platform for the primary time everywhere in the international, combines the benefit and advantage of ecommerce kind purchases, set of rules-pushed layout content material automation, platform abilties of an AirBnB and Uber, plus the abilities of design software program you notice from the likes of Adobe and Autodesk,” says Anuj.
Scaling Up Through Acquisitions
Leaving a high-paying process to come to be an entrepreneur has to be a calculated hazard, an knowledgeable selection and Anuj did the same. He believes that staying patient, focussed, and passionate is the key to overcoming the demanding situations one faces throughout one’s journey.
“You’ve taken the leap for a cause; agree with in that purpose. Also, don’t be afraid to fail. One of the things that I learnt very early at the same time as launching merchandise and scaling markets at Google and in Silicon Valley, turned into the notion of “failing fast.” The concept essentially is ready knowing that in case you’re attempting plenty of latest things, no longer everything will work, and you'll no longer succeed at every of these ideas,” explains Anuj.
With this confidence and positive mindset Anuj today is aiming to tap right into a-billion greenback market even as competing with players like Pepperfry, Fabfurnish, UrbanLadder. However, for Anuj there are no direct competition as of now.
“Livspace does no longer have any direct competition with the exact identical or similar model, as of now. Turn-key contractors, carpenters, and mother-and-pop indoors layout corporations with an offline version, are our indirect competition,” says Anuj.
Competing in this fragmented and unorganised market, LivSpace changed strategies. In 2015, it acquired startups like DezignUp, Dwll.In, YoFloor, and Klozee.
“We located DezignUp, Dwll.In, YoFloor, and Klozee as complementary partners in our imaginative and prescient and made no put off in bringing them on board. Wherever viable, we can use acquisitions as a herbal extension of our approach. When there may be a clear synergy, obtaining startups is surely a terrific manner to scale speedy with the proper capabilities,” says Anuj.
The release of the ‘home layout automation platform’ in 2016 in reality spells out the motive at the back of all acquisitions made with the aid of Livspace.
“We acquired them to assist us with our bold plans. We want tens of lots of fantastic first-rate ‘appears or room photographs’ which are created with the house design products and add-ons on our curated catalog. We need get admission to to a curated community of hundreds of designers throughout India who can work with them to create a library of designer home seems inside the united states of america and, in succession, work with homeowners across the usa that accept as true with them to make their houses look exactly just like the photo,” says Anuj.
Therefore, it become a no-brainer to gather DezignUp —a layout network and market for design fans and specialists and Dwll.In — a curated on-line community of indoors designers to be had on-line, to accomplice with them in accomplishing its aims.
The acquisition of YoFloor helped the agency to supplement its home design platform method with the aid of building a productivity and 3-D visualisation tool for designers and owners.
The $45 Bn Home Design and Decor Market
The domestic design and decor industry in India is witnessing hyper-boom and a sea exchange. And the metrics actually talk for themselves.
According to Anuj, in India on my own, the house design and decor market is poised to develop to over $forty five Bn via 2017 from $thirteen Bn in 2010, fuelled by using the 25% Y-o-Y increase in the organised retail region. Of this, the modular kitchen, dresser, garage business itself may be over $10 Bn by way of 2017.
And whilst looking at the positioning of Livspace – it claims to be very extraordinary from the opposite gamers in the market.
“From the very onset, we, at Livspace, were clear about our marketplace position as India’s first and simplest cease-to-end home design experience and curated market for owners and designers. It essentially translates to treating ‘seems or spaces’ as a complete product as opposed to single portions of furniture and decor items. This solves a huge trouble for the Indian purchaser, looking to rework their complete residence into a beautiful home, as opposed to just one corner, or replacing just a sofa or a curtain,” says Anuj.
Growing From A team of 50 To 500 – What Next?
Touted as one of the fastest-developing corporations in India, Livspace is now a business enterprise of over 500 sturdy employees. Its founding crew combines expertise and entrepreneurial experience accrued at corporations like Google, Microsoft, Yahoo, Amazon, Flipkart, Adobe, Myntra, Ola, and Space Matrix. It has massively scaled since it started out in December 2014.
“I don't forget having a small team of underneath 50 again then. I consider we’ve constantly attracted the pinnacle talent within the united states of america and we’re proud to foster an surroundings of entrepreneurship, autonomy, and increase. Everyone who chooses to work for Livspace realises that we've got a big opportunity right here to remedy the trouble of home design.All round the sector, it has never been tried earlier than at this scale. I in my view trust inside the power of exquisite groups and these teams are what make a employer a hit. I take high-quality satisfaction inside the whole Livspace crew,” opines Anuj.
With the vision to grow to be the world’s biggest domestic layout logo on line, Livspace goals to hit $2.Five Mn (INR 15 Cr) revenue consistent with month with the creation of the brand new platform inside the present day calendar 12 months. The company claims that commercial enterprise is going to generate over $one hundred Mn revenue inside the coming 24 months.
“Our vision definitely is to make Livspace one of the maximum progressive Internet and technology businesses to pop out of India and be a real technology and design innovator. Livspace has the opportunity to be the sector’s largest home design emblem online and we are confident of creating one billion-greenback organisation in the area,” says Anuj.
Over the next few months, LivSpace plans to develop throughout the pinnacle cities in India. It could be putting in workplaces throughout the country, increasing its dressmaker community and can be driving the (home layout automation) platform adoption to tens of hundreds of designers. There are also plans to launch the net-to-offline domestic design revel in via Livspace studios in 3 metros—Delhi-NCR, Bengaluru, and Mumbai. Furthermore, the group is working in the direction of making international designers the world over be able to utilise the platform and work remotely with house owners in India.
“We’re excited to paintings very intently with our channel partners and this would include developers, fashion designer marketplaces like Dwll.In, DezignUp and others, and small studios to expand massively,” informs Anuj.
Across India, many households at the moment are shopping for their first homes, getting their existing houses upgraded, or many who’re in reality inquisitive about making their houses look beautiful. In general, there may be an multiplied attention of properly home design that is created with ardour and expertise, and merchandise that appearance suitable are actually customized and can be without difficulty acquired.
According to Anuj, this 12 months on my own, as many as 400,000 new homes may be sold across simply the primary metros. A big majority of them would require design services, and installation of kitchens and wardrobes. Within the following years, 4%-five% of this market is poised to transport on line.
Clearly, a present day leadership organisation can be created worth extra than one thousand million greenback revenue in this area. And Livspace and its contemporaries are leveraging generation and aesthetics to capture a proportion of this billion dollar pie. Livspace has also already hit a multimillion greenback run charge. What stays to be visible, is what 2017 holds for the growing startup in phrases of boom and sales.