Home renovation and interiors platform Livspace, currently headquartered in Singapore, has reportedly joined the long list of Indian startups looking to shift their domicile back to India.
The unicorn is planning to return to India within the next 9-12 months, Mint reported.
The startup is also eyeing a public listing in India in 2025 and has initiated internal processes for the same, the report said, adding that it is working towards achieving profitability by the end of the ongoing financial year.
The startup is also looking at inorganic growth through strategic acquisitions to foray into private labels and niche categories.
“Our investments are in line with creating a comprehensive ecosystem in the home interiors and renovation sector and to be closer to our customers while delivering a complete spectrum of services,” Anik Shah, chief strategy officer of Livspace, told the publication.
“In terms of acquisitions, we are looking at only buying companies which are significantly value accretive. This means, we are in conversations with companies that are significantly profitable, have a strong growth trajectory, are well capitalised and have strong management teams,” Shah added.
Founded in 2014 by Anuj Srivastava and Ramakant Sharma, Livspace is a curated marketplace that provides an end-to-end home design experience. It also offers software tools to help designers and homeowners.
The startup entered the unicorn club in 2022 after raising $180 Mn in its Series F round led by private equity group KKR. It also saw participation from existing investors such as Ingka Group Investments, Jungle Ventures, Venturi Partners, and Peugeot Investments.
The development comes at a time when an increasing number of Indian startups are looking at moving their domicile back to India. Pine Labs, Udaan, Meesho, Groww, and Razorpay are among the startups looking to shift their bases to India.
In 2022, digital payments app PhonePe also completed the process to move its domicile from Singapore to India.
Traditionally, these startups established overseas bases for streamlined funding processes and benefitted from favourable tax policies.However, the Indian government has been actively working on new regulations to enhance the business environment.
Notably, there are indications that the government plans to ease certain tax burdens associated with redomiciling businesses in India this year, presenting a significant incentive for startups to consider relocating.
Livspace posted a net loss of nearly INR 621 Cr in FY23, while its revenue from operations surged to INR 1,148 Cr.
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