Home decoration company Livspace lays off 100 employees

    Residential interior and renovation platform Living space laid off at least 100 employees as part of cost-cutting measures, the media reported.

    According to a report in leading startup portal Inc42, the layoffs affected 2 percent of Livspace’s workforce, impacting product, engineering, content and marketing teams.

    The company said in a statement that “we will redeploy resources in the normal course of business”.

    “This is organic and a reflection of normal adjustments and/or performance management parameters,” it said, adding that the company has more than doubled in size in the past year and the goal is to become profitable in the coming year.

    Livspace had laid off 450 employees during the first wave of the Covid pandemic.

    Last October, the company committed $100 million to invest and develop new offerings and brands in the direct-to-consumer (D2C) market in the interiors and renovation segment.

    Singapore-based Livspace said it aims to create multiple home interior and renovation solutions and D2C offerings that serve homeowners across different segments of its markets in India, Southeast Asia and the Middle East.

    “As we continue to scale into new segments in existing geographies and enter new regional markets, we are looking for successful companies and like-minded entrepreneurs to help us scale even faster,” Anuj Srivastavasaid CEO and co-founder of Livspace.

    Livspace currently has offices in more than 45 cities in Southeast Asia, India and the Middle East.

    It has raised approximately $450 million in capital from some of the largest global investors, including KKR, Ingka Group Investments (part of the largest IKEA retailer Ingka Group), TPG growthGoldman Sachs, Kharis Capital, Venturi Partners and others.

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