KKR-backed omni-channel home interiors and renovation unicorn, Livspace, shuffled its top management in a bid to support its expansion plans, the company said in a statement on June 1.
The company elevated its Chief Business Officer (CBO), Saurabh Jain as Co-Founder and Chief Executive Officer of its India operations. Lalit Mittal, who was CEO of Home Interiors, India has been elevated to the role of CBO, India, replacing Jain. Jain, in his new role, will lead the business expansion and some key strategic initiatives, Livsapce said.
Jain said, “As a proud partner in Livspace's exceptional journey, I'm thrilled to take on this new role… With the support of the incredible team at Livspace, I look forward to championing this next phase of our India story.”
Mittal, meanwhile, will now be responsible for the development and execution of new business functions while driving the long-term growth strategy, Livspace said.
Mittal said, “It's an exciting time to be at Livspace, at an inflection point in our growth story. I am confident that in my new role, we will chart out a new phase of growth as we continue to innovate and bring new products into the home interiors and renovation industry.”
Founded by Anuj Srivastava and Ramakant Sharma in 2015, Livspace in February 2022, announced a $180 million fundraise as a part of its Series F funding round, led by private equity firm KKR. The round helped Livspace join the coveted unicorn club.
Livspace currently serves Singapore and Malaysia, as well as 30 metro and non-metro areas in India. The company has raised around $450 million in capital from some of the top global investors including KKR, Ingka Group Investments (part of the largest IKEA retailer Ingka Group), TPG Growth, and Goldman Sachs, among others.
Livspace said it will explore new markets, double down on brand building in India and Singapore, and continue investing in its pioneering platform technology and digitally integrated supply chain, according to the release. The company also plans on hiring and developing talent across the board to support both new and existing businesses.
Srivastava said, “In the past year, we have witnessed multi-fold growth while expanding our global footprint. The evolution of the leadership team is happening at a critical time as we continue to move towards our goal of scaling the business 10X in the coming years. Both Saurabh and Lalit have played a significant role in the company’s growth and global expansion and their elevation reflect our dedication to recognizing expertise and the proven track record of internal leaders.”
Livspace also appointed Ankit Shah as its new Group Chief Strategy Officer. Shah will lead Livspace’s organic and inorganic growth initiatives.
Shah will also spearhead collaboration across verticals on strategic projects to drive market share growth and increased thrust on expansion into new markets and product categories, Livspace said.
Shah said, “The team has built an incredible business that has revolutionised the entire home interiors and renovation industry through technology at scale. I believe we have an opportunity to double down on this tech-led model and bring more innovation to our customers and design partners.”
Interestingly, Livspace has joined the list of companies to elevate a senior executive to the founder position. The move to elevate a top executive to founder is a growing trend among Indian start-ups, to reward talent and recognise core members of the team.
Also Read: The Big Question: Should executives be elevated to co-founders?
Last month, Practo announced the elevation of its long-term executive and growth head, Siddhartha Nihalani to the position of Co-founder.
Earlier in 2021, ahead of its IPO, Zomato elevated Aakriti Chopra to the co-founder position. In addition, Rebel Foods elevated five senior executives, Sagar Kochhar, Raghav Joshi, Ankush Grover, Ankur Sharma, and Soumyadeep Barman as co-founders, last year saying it had room for more. These executives earlier held the positions of Global Chief Marketing Officer, Chief Executive of India Business Unit, Chief Executive of South East Asia, Head of Product and Supply Chain, and Chief Technology Officer, respectively.
More recently, Moneycontrol also reported Byju's, India's most valued startup, is preparing to elevate Chief Operating Officer Mrinal Mohit to a larger role as Byju Raveendran, the founder and chief executive officer, shifts focus to global operations, according to people familiar with the matter.
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