Interior design startup, Livspace, losses rise five times

Home interior designing startup Livpace has seen losses soar by nearly five times in financial year 2016-17, even while revenues more than doubled. The company, registered as Home Interior Design Ecommerce Pvt Ltd, saw revenues increase to Rs 22.4 crore from Rs 9.1 crore the previous year, while losses increased to Rs 47.7 crore from Rs 9.8 crore in the same period, as per RoC data sourced from Tofler.

Livspace is an online end-to-end home design and renovation platform that offers a marketplace to connect home owners with certified interior designers and vendors. The company was founded in 2012 by former Google and Myntra executives. Livspace had raised Rs 100 crore in funding last year from Bessemer Venture Partners, Singapore based Jungle Ventures and Helion Ventures, bringing its total funding to over $26 million. The firm's employee benefit expenses rose to Rs 39 crore in FY17 from Rs 11 crore the previous year. Other expenses also increased from Rs 7 crore in FY16 to Rs 27 crore, as per the filings.

ET did not get responses sent to cofounder Ramakant Sharma.

Livspace currently serves customers in Bengaluru, Gurgaon, Noida, Delhi and Mumbai. Last year, the company claimed it had become profitable in Bengaluru.