Mittal's exit follows days after Moneycontrol exclusively reported Livspace India CEO Saurabh Jain had also quit the company. Jain and Mittal worked together closely on multiple projects.
While Livspace reduces its workforce by around 12%, one of its co-founders Saurabh Jain, who was elevated from the role of Chief Business Officer (CBO) only in 2022, has also quit the company, sources told Moneycontrol.
While two companies await regulatory approvals for the acquisition, HomeLane said it has also raised Rs 225 crore (around $27 million) from existing backers and new investor Hero Enterprise in a fresh funding round.
Livspace, which raised $180 million in February 2022 from KKR and other investors, was last valued at $1.2 billion. The company has however denied such talks.
The company's EBITDA losses narrowed to 95.35 million Singapore dollars from 96.86 million Singapore dollars during the period under review.
Its revenue stood at Singapore dollar 101.75 million in the previous fiscal year. The figure rose by 85 percent to Singapore dollar 188 million, or around Rs 1,100 crore, during the last fiscal year.