The Bengaluru-based home interior firm, Livspace has received an undisclosed sum of money for minority shares from Ingka Investment, a subsidiary of Ikea Group, as reported by the Indian daily news, Money Control.
Essentially, Ingka Investment is an investment arm of Ikea Group and represents 90 per cent of total retail sales of the company, comprising 367 stores in 30 markets.
Livspace will be utilizing funds in various domains such as in creating novel home interior solutions, expanding the market and widening the offline footprint."We look forward to the immense collaboration possibilities in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations," co-founder and chief executive officer of Livspace, Anuj Srivastava told the Indian daily news, Money Control.
Existing investors have also participated in the round of funding namely, Bessemer Ventures, Jungle Ventures and Helion Ventures.
Avendus Capital worked as the financial advisor to the home interior company in the current round of funding.
"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 customers 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," Head of Ingka investments, Krister Mattsson told the Indian daily news, Money Control.