Home Design Platform Livspace Reshuffles Leadership as Ramakant Sharma Takes Over as CEO

Livspace, a major player in the home decor and interior design sector, has announced significant changes to its leadership structure as it prepares for its much-anticipated initial public offering (IPO). Ramakant Sharma, the company’s former chief operating officer, has been promoted to the role of chief executive officer. Meanwhile, cofounder and outgoing CEO Anuj Srivastava has taken on the position of chairman of the board.

As chairman, Srivastava will be closely involved with board members and key stakeholders, overseeing the IPO process, fundraising efforts, and strategies for organic growth. On the other hand, Sharma will take charge of managing Livspace's day-to-day operations and overall execution of the company’s strategic plans. According to a company statement, both cofounders will “continue to serve on the board and work together to drive company culture, profitability, customer value, and shareholder returns.”

These leadership changes come at a time when Livspace is planning to shift its headquarters from Singapore to India, aiming to strengthen its presence in one of its key markets. The company, founded in 2014 by Anuj Srivastava and Ramakant Sharma, provides an end-to-end home design experience through its curated marketplace. It connects interior designers with homeowners while offering a suite of software tools to streamline the design and project management process. Livspace operates across more than 50 cities in India and has expanded its footprint to the Middle East and Singapore.

Livspace achieved unicorn status in 2022 after securing $180 million in its Series F funding round. The company’s growth trajectory, however, faced challenges in 2023 when it laid off over 100 employees as part of a cost-cutting exercise aimed at extending its financial runway.

To date, Livspace has raised more than $433.38 million from prominent investors such as KKR & Co, retail giant Ikea, and Peugeot Invest. Despite its impressive funding history, the company reported a net loss of INR 621 crore for the 2023 fiscal year, even though its revenue from operations grew to INR 1,148 crore.

With the IPO preparations underway and the leadership transition in place, all eyes are on Livspace to see how the new management structure will influence its performance in key markets and its overall financial outlook.