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IKEA group franchisee, Ingka Group, has invested an undisclosed amount in Bengaluru-based startup Livspace for a minority stake.
The collaboration and investment into the company are to share expertise between the companies by integrating IKEA’s huge products with Livspace technology platform. As per the startup, the funds will be used to develop new home interior solutions and expansion in offline retail.
Livspace is launched in December 2014 by Anuj Srivastava and Ramakant Sharma. It is an end-to-end home design and decor service provider. In 2018, the company raised $70 million, and till date, it has raised a total of $97.6 million from the investors like Jungle Ventures, Bessemer Venture Partners, Goldman Sachs, TPG Growth, and Helion Ventures.
Livspace designs enable customers or the interior designers to plan the space in a 2D model, which can be converted into a 3D design with an instant click on the screen.
In 2015, Livspace acquired startups YoFloor, Klozee, DezignUP, Dwll.in. In 2016 it launched the home design automation platform.
The company has invested in expanding a design partner community and a proprietary design-to-installation platform ‘Canvas’.
Anuj Srivastava, Co-founder of Livspace, is looking to collaborate with IKEA to develop a catalog and marketplace integration, retail technology, and as well as online-to-offline innovations