Omnichannel home interiors and renovation platform Livspace said that its revenue for FY23 surged 85 per cent to Rs 1,147 crore. However, its losses narrowed.
The firm stated on Friday that it has reduced its Ebitda (earnings before interest, tax, depreciation, and amortisation) loss in India by 50 per cent. Livspace, a Singapore-based company with a valuation of USD 1.2 billion, reported an Ebitda before Esops of Rs 581 crore.
Established in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace operates as a three-sided marketplace and design automation platform, facilitating connections between homeowners, certified designers and vendors.
So far the company has raised USD 450 million in funding. It counts private equity major such as KKR, Ingka Group Investments, Jungle Ventures, Venturi Partners and Peugeot Investments as its investors.
In its future endeavors, Livspace has aimed to extend its reach to more than 100 cities across India, the Middle East and Southeast Asia. Moreover, it intend to achieve positive cash flow by the end of FY24.
The startup has seen an increase in its profits. Its latest financial report shows a 142 per cent rise in profits, totaling to Rs 458 crore in FY23, compared to Rs 189 crore the previous year. It had to reduce its workforce by 2 per cent, primarily affecting the technology and product teams.