“We can confirm that Lalit Mittal, who served as our Chief Business Officer, transitioned out of the company over a month ago,” a company spokesperson said in a statement responding to ET.
Mittal has decided to pursue his own entrepreneurial journey after spending six years at Livspace, according to the statement. “We are incredibly grateful for his contributions and leadership during his tenure, and wish him the absolute best as he builds his next venture,” it added.
Cofounder Jain exited the company after 11 years, to also pursue his entrepreneurial interests.
It is unclear who will take on Mittal’s position. The development was first reported by Moneycontrol.
Mittal joined Livspace in November 2019 as senior director, business initiatives. He later became the chief executive for Livspace Direct, the company’s modular furniture vertical. He stepped into the role of Livspace CBO in January 2022.
Prior to joining Livspace, he had a short stint with Meesho and cofounded Labstreet, an on-demand healthcare diagnostics startup.
The Ikea-backed company has laid off 1,000 employees, or about 12% of its workforce, over the past six months as part of an internal reorganisation driven by artificial intelligence adoption.
Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace connects homeowners with designers and vendors for end-to-end home interiors. The company became a unicorn in 2022 after raising $180 million at a valuation exceeding $1 billion.
Last year, Srivastava became the chairman of the board, while Sharma, the then chief operating officer, took over as its chief executive.
For the fiscal year ended March 2025, the company reported revenues of $231 million and a net loss of $39 million.