IKEA’s Ingka Group invests in Livspace
The investment enables a sharing of expertise between the two companies
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 per cent of total IKEA retail sales through 367 stores in 30 markets, including India.
With Ingka’s strong global footprint and Livspace’s disruptive technology platform, the investment enables a sharing of expertise between the two companies. Livspace will deploy its newly raised funds across areas such as developing new home interior solutions and products, market expansion as well as growing its offline footprint.
“We are thrilled to welcome onboard Ingka Group and a world-class brand like IKEA. 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 CEO of Livspace.
“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,” he further added.
“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,” says Krister Mattsson, Head of Ingka Investments, Ingka Group.
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