Ingka Investments, one of the three core business areas of Ingka Group, has invested in Livspace, an India-based startup, which has a renovation platform that matches home designers with houseowners on the back of their budget and look preferences.
With this minority investment from Ingka Group, Livspace can now accelerate its plans to develop new home interior products and solutions, enter new markets and grow its offline footprint. Livspace aim is to make good living accessible to millions.
Livspace’s goal fits perfectly with one of Ingka Group and IKEA visions to create a better everyday life for the many people. It also aligns with Ingka Investments’ funding thesis of supporting development opportunities that benefit IKEA Retail by enhancing home furnishing offers and inspire customers to create beautiful spaces every day.
Krister Mattsson, Head of Ingka Investments, Ingka Group, said: “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.”
“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, Livspace.
Since 2009, Ingka Group has invested in innovative companies that will further develop IKEA Retail and that make a positive difference to people and the planet. Some of the investments include acquiring 49% stake in Traemand, a kitchen installation company based in the U.S., leading a $12 million round in Winnow, an innovative UK-based company that has developed an AI-enabled food waste tracking and analytics solution to help reduce food waste in commercial kitchens, two Solar Photovoltaic (PV) projects in the U.S. and agreement with Vestas Wind Systems A/S to acquire an 80% stake in seven wind farm entities in South-East Romania.