Ikea's partner Ingka buys minority stake in home design startup Livspace
Summary
Bengaluru: Online home design startup Livspace on Monday said Ingka Group, the franchise partner of furniture giant Ikea , has picked up a minority stake in the company. The company did not disclose the size of investment— Ikea’s first technology investment in India—but two people familiar with the matter said on condition of anonymity that Livspace received $10-15 million. Both companies said in a statement that the strategic investment will enable knowledge sharing between Ingka, which has a strong global footprint, and Livspace, which has created an in-house home design technology platform. “This investment gives us the opportunity to create one of the best omnichannel interiors and furniture purchase experience for homeowners," said Anuj Srivastava, chief executive of Livspace in a statement. Ingka’s investment in Livspace comes less than a year after the Bengaluru-based company raised $70 million in a round led by private equity firms TPG Growth and Goldman Sachs.