Buying a new home can be an overwhelming experience but it is also exciting because of the opportunities for home designs that will match with the lifestyle. A new home can be incorporated with the latest in contemporary styling so that it can look like a display home. There is also the option of home designs that reflect on your unique personality and taste.
In Bangalore, there is a home décor startup that makes use of recent technology to revolutionize home design. Livspace makes use of a mobile platform called YoFloor in addition to previous acquisitions that includes DezignUp and Dwill.in. YoFloor offers a virtual room trial facility for home design while DezignUp is a home design marketplace. Dwill.in is a curated online network for interior designers.
Both DezignUp and Dwill.in were used to build a thriving design community for both interior decorators and homeowners. These two previous acquisitions are used by Livspace to provide more creative tools for designers and at the same to offer more choices for homeowners. The YoFloor app on the other hand will enable the in-house designers of Livspace to make used of 3D visualization tools.
According to Archit Rathi and Ankur Mishra, the co-founders of YoFloor, the combination of products and technology tools including Livspace design community and operation capabilities will go a long way in revolutionizing home design space.
Livspace was started in 2012 by former Google and Myntra executives Anuj Srivastava, Shagufta Anurag and Ramakant Sharma. Livspace was able to generate $4.6 million through Series A funding provided by Helion Venture Partners and Bassemer Venture Partners last December. A fresh round of funding amounting to $8 million was provided by Helion, Bassemer and Jungle Ventures.
Because of the funding generated from several resources, Livspace was able to compete with other startups in the design industry that includes Intruo, JBR Interio, BedBathMore and Gloob. Livspace will also be competing with online furniture businesses like FabFurnish, Pepperfry and Urban Ladder as well as horizontal e-commerce majors like Flipcart.com, Snapdeal.com and Amazon that have a strong grip in the interior design industry.
However, according to research firm TechNavio, the market for online home décor is expected to grow at a compounded annual growth rate of 50.42% between 2014 and 2019. This means that new startups have a place in the industry.