Saint-Gobain picks up minority stake in Livspace
French glass and construction material maker Saint-Gobain on Wednesday said it has acquired a minority stake in home interiors and renovation platform.
Details about the investment were not disclosed.
Livspace is a digital-first intermediation platform offering end-to-end solutions for home interiors from design to installation, serving around 20,000 homes annually in India.
The acquisition of stake will help Saint-Gobain to expand into the growing housing solutions business in the country, a segment in which it has entered through its local subsidiary Saint-Gobain India.
"This investment will complement the Group's full range of solutions on the residential market in India which accounts for over 80 percent of the country's building construction market," Saint-Gobain said in a statement.
Saint-Gobain CEO Asia-Pacific B Santhanam said the partnership is a win-win for both companies, aiding a faster scale-up and expanded customer reach.
Livspace offers a complementary route to market, promoting solutions under the Saint-Gobain brand. We will derive significant synergies and learnings in terms of customer behaviour, technology platform, services and supply chain, Santhanam added.
Livspace COO and Co-Founder Ramakant Sharma said the partnership will open up new opportunities for the company.
"We have witnessed unparalleled growth in the segment and are thrilled to partner with Saint-Gobain in our journey. Through our strong technology-backed platform, we have disrupted the way homeowners, designers and vendors think about home renovation and interiors," he said.
According to him, Livspace will continue to explore strategic partnerships with brands who help it to add value by expanding its spectrum of services.
Founded in 2015, Livspace has grown its business rapidly by deploying significant investments in technology, marketing and end-to-end solutions.