[Funding Alert] IKEA's retail partner Ingka group invests in Bengaluru-based Livspace
Livspace will deploy the funds across areas such as developing new home interior solutions and products, market expansion as well as to grow its offline footprint.
Bengaluru-based home design and renovation platform Livspace has announced that Ingka investments, the investment arm of Ingka Group (Ingka Holding B.V and its controlled entities), has made a minority investment in the company.
Ingka group is a strategic partner in the IKEA franchise system, representing 90 percent of total IKEA retail sales through 367 stores in 30 markets, including India.
Livspace said in a statement that it will deploy its newly-raised funds across areas such as developing new home interior solutions and products, market expansion, as well as to grow its offline footprint. Avendus Capital was the financial advisor to the company for the investment.
In September 2018, Livspace had raised Series C funding of $70 million in a round led by TPG Growth and Goldman Sachs, and included participation from existing investors Jungle Ventures, Bessemer Venture Partners, and Helion Ventures. Before Series C round of funding, Livspace had raised a total of $33.6 million from Jungle Venture Partners, Bessemer Venture Partners, Helion Ventures, and UC-RNT.
Anuj Srivastava, Co-founder and CEO of Livspace said,
“Livspace aims to make good living accessible to millions. This investment is a step in that direction. On one hand, the investment gives us the opportunity to create one of the best omni-channel interiors and furniture purchase experience for homeowners. On the other hand, interior designers and vendors can anticipate a richer design and supply experience.”
Launched in 2015, Livspace offers a three-sided marketplace by connecting homeowners and a curated community of designers and vendors. In 2016, the startup launched Canvas, its proprietary design-to-installation platform and a cloud platform that creates experiences for homeowners and scales the job of interior designers.
Livspace currently serves nine metro cities in India including Bengaluru, Chennai, Hyderabad, Delhi, Gurugram, Noida, Mumbai, and Pune. The company has a network of four design centers and 15 experience apartments across the country.
Krister Mattsson, Head of Ingka Investments, Ingka Group, said that convenience and personalisation are becoming increasingly important to the future of home furnishing and customers life at home, and "We believe Livspace has created a digital platform that has the potential to transform a customer’s home furnishing journey. This minority investment aligns closely with the digital direction of Ingka Group and our core business, IKEA Retail, and we are looking forward to exploring new opportunities together with Livspace”, Krister added.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to email@example.com