Home interiors is struggling. Can Livspace get its act together and go public?
Subscribe to enjoy similar stories. Bengaluru: Ankita Vashistha, founder and managing partner of venture capital firm Arise Ventures, had a disappointing experience with Bengaluru-based home interior company Livspace when she hired it to design a rented-out home three-four years ago. While she initially admired the concept and the experience centres, the whole process and the final outcome left her disappointed.
“Timelines weren’t met, materials didn’t match specifications, and the installation and after-sales service were terrible," recalled Vashistha. “Customer service was unresponsive, and I had to settle for what they provided." Mumbai-based Kiran More, a sales professional working for a tech company, went through a similar experience this year, dealing with inferior parts, incorrect installation and delayed timelines. Vashishta and More are not alone.
There is no dearth of complaints and reportage on the internet around the abysmal experiences Livspace’s customers have had to endure. Seated in a light blue shirt in a conference room at Livspace’s Bengaluru office, chief executive officer (CEO) Ramakant Sharma acknowledges the mountain of complaints. In his view, because interiors are a big-ticket investment for customers, when issues arise, the impact is felt strongly.
But Sharma claims that despite everything over 90% of customers report a satisfactory experience. Mint has not been able to verify the veracity of that claim. While Livspace has always made headlines for consumer complaints, its latest challenge goes beyond the consumer experience.
The company’s revenue growth has slowed. On a positive note, it managed to cut losses substantially (see chart). Livspace last got a funding infusion in February 2022, when
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