Air conditioner and water purifier manufacturer Livpure raised $28 M from M&G Investments, Ncubate Capital
Producer of air conditioners and water purifiers Livpure has raised approximately Rs 25 crore ($3 million) from Ncubate Capital Partners and Rs 208 crore ($25 million) from M&G Investments via its Catalyst investment strategy.
According to a press release from Livpure, the funds will be utilized to expedite the expansion of categories, product development, offerings, market presence, and meeting the changing demands of consumers in the home category.
Livpure, which was founded in 2012 by Rakesh Malhotra and Navneet Kapoor, provides a variety of products, including air coolers, kitchen appliances, mattresses, sleep accessories, and water purifiers that are subscription-based.
In the last funding round, Navodhyam Trust, the founders’ ownership group, held a majority stake of over 50% in the company, followed by Lakshya Holding with a holding of over 10%, according to media reports. Thus far, almost $80 million has been raised.
Livpure faces competition from DrinkPrime, a venture capital-funded startup that raised $3 million recently under the leadership of SIDBI Venture Capital. Peak XV’s Surge and Omidyar Network India are two other prominent investors in DrinkPrime.
Livpure faces competition in the subscription model from established firms like ZunPure and Acquaguard from Eureka Forbes.
Livpure’s operating revenue increased by 35% to Rs 294 crore for the fiscal year that ended in March 2023, but its losses increased by only 10% to Rs 48.62 crore. Over 80% of Livpure’s total revenue came from its water purifier business, which has been the company’s main source of income.
The company claims to have recorded a 45% growth across all business segments in the first quarter of the current fiscal year (FY25), even though it has not yet filed its annual report for FY24.
