The Southeast Asia-based platform has received an investment from Ingka Group, who’s better known as IKEA’s strategic partner

Livspace Co-founders Anuj Srivastava and Ramakant Sharma

India and Southeast Asia-based home design and renovation platform Livspace announced that it has raised funding from Ingka Investments, the investment arm of Ingka Group.

Ingka Group, which consists of Ingka Holding B.V and its controlled entities, is a strategic partner in the IKEA franchise system, representing 90 per cent of total IKEA retail sales through 367 stores in 30 markets, including India.

Livspace said that it plans to use the funds to develop new home interior solutions and products, focus on market expansion, as well as to grow its offline footprint.

“We are thrilled to welcome onboard Ingka Group and a world-class brand like IKEA. We look forward to collaboration possibilities in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations,” said Anuj Srivastava, co-founder and CEO of Livspace.

Srivastava emphasised that Livspace’s mission is to make good living accessible to millions, for both homeowners and vendors alike. “On one hand, the investment gives us the opportunity to create omnichannel interiors and furniture purchase experience for homeowners. On the other hand, interior designers and vendors can anticipate more variety of design and supply experience,” he added.

Krister Mattsson, Head of Ingka Investments, Ingka Group, explained the group’s decision to invest in Livspace. “Convenience and personalisation are becoming increasingly important to the future of home furnishing and customers life at home. We believe Livspace has created a digital platform that has the potential to transform a customer’s home furnishing journey,” said Mattsson.

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Livspace was founded in 2015, and has claimed to come out on top in interiors and renovation market in India. In September 2018, Livspace raised US$70 million as part of its series C round and brought TPG Growth and Goldman Sachs onboard as investors.
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