Home interior design platform,Livspace.com, opened its private modular label to independent designers and architects, in addition to the 1,200 designers who are already registered on its platform. The modular label includes kitchens, wardrobes and storage units such as TV units, bookshelves, etc.
Under the initiative, Livspace plans to engage over 25,000 professionals this year in Delhi, Gurugram, Noida, Bengaluru and Mumbai.
When designers/architects utilise the Livspace modular label for their projects, the company will fulfil these orders from manufacturing to installation.
The modular label introduced in December 2015 currently contributes to 40 per cent of Livspace’s monthly revenue of ₹30 crore and is expected to grow 350 per cent this year. The company is targeting an annualised revenue run rate of $100 million in 18 months.
“ Modular products form a very important part of home interiors, amounting to about 40 per cent of all products and services in an average home. Hence, we’ve built a very strong modular range that’s automated from design to supply. This eliminates human errors, which is a necessity to ensure good customer experience as modular products are remarkably complex— the average kitchen includes over 1,200 components, finishes, modules, accessories, and appliances” said Anuj Srivastava, CEO and Co-founder of Livspace.
The company recently launched four flagship Design Centers in Bengaluru, Delhi, Gurugram and Mumbai. These centers allow customers to get expert consultation, experience interiors, select materials, visualize their home design in VR (virtual reality) and place an order, all in one place.
“We are investing ₹25 crore through 2018 to further grow the footprint through smaller-format Design Centers and Experience Apartments. At 40 per cent gross margins and 12-15 per cent net margins, we have achieved order level profitability” said Srivastava.
Founded in December 2014, Livspace has designed over 2,000 homes and plans to expand its footprint to Hyderabad, Pune and Chennai.
Led by Helion Ventures, Bessemer Venture Partners and Jungle Ventures, Livspace has raised over $27 million in investments.