Singapore-based home interior and renovation start-up Livespace witnessed a 54.9 per cent growth in its operating revenue in the financial year (FY) 2022 to Rs 570 crore from Rs 368 crore in FY21, an Entrackr report revealed.
Founded in 2015 by Ramakant Sharma and Anuj Srivastava, the company is known for offering a marketplace for interior services to customers. It has claimed to have more than 3,500 designers.
Livespace achieved unicorn status after it bagged a $ 180 million investment led by KKR&Co. The funding helped the company to earn 2x growth in valuations.
The sale of products has been its primary source of revenue. It grew by 46.2 per cent to Rs 310 crore in FY22. Additionally, the company’s income from the marketplace surged by 66.7 per cent to Rs 260 crore in the same period. However, it witnessed a 42 per cent decline in its financial income to Rs 9.24 crore in FY22 than Rs 16.10 in FY21.
Along with net revenue, the company also witnessed an increase in its net expenditure. Total cost grew to Rs 1,215 crore in FY22 compared to Rs 784 crore in FY21. It included the company’s Rs 76 crore ESOPs ( employee stock ownership planning) expense.
Employee benefit expenses were accountable for 34 per cent of the net expenditure In FY22, it increased by 48.9 per cent to Rs 414 crore compared to Rs 278 crore in FY21. It included the company’s Rs 76 crore ESOPs (employee stock ownership programmes) costs.