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Last Updated : May 20, 2019 03:45 PM IST | Source: Moneycontrol.com

IKEA's largest franchise partner Ingka Group invests in Livspace

Ingka Group is a strategic partner in the IKEA franchise system, representing 90 percent of total IKEA retail sales.

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Bengaluru-based Livspace has raised an undisclosed amount of funding for minority stake from Ingka investments, the investment arm of Ingka Group, parent firm of home furnishing firm IKEA.

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 will deploy the fund across areas such as developing new home interior solutions and products, market expansion as well as growing its offline footprint.

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"We look forward to the immense collaboration possibilities in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations," said Anuj Srivastava, co-founder and chief executive officer of Livspace.

The round also saw participation from existing investors such as Jungle Ventures, Bessemer Ventures and Helion Ventures.

Avendus Capital was the financial advisor to the company for the current investment.

"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," said Krister Mattsson, head of Ingka investments, Ingka Group.

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First Published on May 20, 2019 03:45 pm
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