Exclusive: Ex-Livspace Duo Saurabh Jain, Lalit Mittal In Talks To Raise $15 Mn For New Startup
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Former Livspace cofounder and India CEO Saurabh Jain has teamed up with former Livspace CBO Lalit Mittal to launch a new venture, Gravity, sources told Inc42.
The startup, which is expected to come out of stealth mode in four to five months, aims to solve material procurement and supply chain challenges faced by the broader interior design industry, enabling independent designers, design studios and interior platforms, the sources said.
It is building a house of brands for premium homes and aims to position itself as a full-stack platform for home interior materials. The startup does not intend to operate as a marketplace or a supplier, they added.
Gravity has also held early talks with investors like 3one4 Capital and InfoEdge to raise funding. It is looking to raise $15 Mn (about ₹143 Cr) in a mix of equity and debt, the sources said.
The startup has also raised capital from angel investors, including Livspace founder Ramakant Sharma.
Questions sent to Jain and Mittal didn’t elicit any response till the time of publication.
Before starting Livspace, Jain cofounded DezignUp, which was acquired in 2014. An IIT Delhi alumnus, he was a management consultant in the early years of his career.
Mittal, who is also an IIT Delhi alumnus, was the AVP at Meesho before joining the home interior unicorn in 2019.
Both Mittal and Jain quit Livspace in February this year. Their exit came a few days after the unicorn laid off 1,000 employees, or 12% of its workforce, amid its AI push.
Currently, India’s home interior materials market is estimated to be worth $20 Bn. Gravity will compete with AllHome, which was founded by PharmEasy cofounders and recently raised ₹200 Cr from Bessemer Venture Partners.
The development also comes at a time when a growing number of founders are starting new ventures. Earlier this week, Inc42 reported exclusively that BharatPe cofounder Shashvat Nakrani is set to join Dubai-based luxury ecommerce platform Luxury For You as its cofounder and CEO.
Earlier this week, former Dream11 CTO Amit Sharma announced the launch of a new AI startup. Dunzo cofounder Mukund Jha launched Emergent last year and the vibe coding startup is currently in talks to become a unicorn.
The post Exclusive: Ex-Livspace Duo Saurabh Jain, Lalit Mittal In Talks To Raise $15 Mn For New Startup appeared first on Inc42 Media.
