The company said it has cut down its Ebitda (earnings before interest, tax, depreciation and amortisation) loss in India to half. The Singapore-headquartered company, which is valued at $1.2 billion, reported Ebitda before Esops of Rs 581 crore.
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Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a three-sided marketplace and design automation platform that connects homeowners, certified designers and vendors.
Its investors include private equity major KKR, Ingka Group Investments, part of IKEA parent company Ingka Group, Jungle Ventures, Venturi Partners, Peugeot Investments, among others. Till date it has raised $450 million from investors.
“We achieved a top-line growth of 85% across the business, with our revenue reaching nearly Rs 1,100 crore. Business expansion, investment in branding and experience centres, and improving the supply chain helped the company achieve high growth in the fiscal year,” said chief strategy officer Ankit Shah.
Going forward, Livspace said it plans to expand to over 100 cities in India, the Middle East and Southeast Asia.
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The company said it aims to become cash positive by the end of FY24, and continues to invest in strategic partnerships, creating value across its ecosystemThe interior decor-retailer said its margins showed a 142% growth to Rs 458 crore in FY23, from Rs 189 crore in the previous year.
The company had announced layoffs in March this year, cutting 2% of its staff.
The retrenchment had affected 45% of its technology and product teams. A total of 36 staffers, including software engineering developers and directors from a team of 80 were asked to leave, according to sources.
In October last year, Livspace had earmarked a corpus of $100 million for acquisitions to go deeper in existing geographies, add new categories to its core offerings as well as introduce more margins to its overall business.