IKEA franchisee invests in home design start-up
Bengaluru-based end-to-end home design and decor service provider Livspace has raised an undisclosed amount from IKEA group franchisee, Ingka Group (Ingka Holding B.V and its controlled entities) for a minority stake.
The partnership is expected to enable the sharing of expertise between the two companies combining IKEA’s massive portfolio of products with Livspace’s technology platform. The funds will be used by the start-up to develop new home interior solutions and products, market expansion and expanding offline retail footprint.
Launched in December 2014 by Anuj Srivastava and Ramakant Sharma, Livspace is a curated marketplace for homeowners and home designers that provides an end-to-end home design experience. Prior to this round, Livspace has raised $97.6 million from investors such as TPG Growth, Goldman Sachs, Jungle Ventures, Bessemer Venture Partners, and Helion Ventures.
Anuj Srivastava, co-founder and CEO of Livspace is looking at collaboration possibilities with IKEA in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations.
“On the one hand, the investment gives us the opportunity to create one of the best omnichannel interiors and furniture purchase experience for homeowners. On the other hand, interior designers and vendors can anticipate a richer design and supply experience.”