Last year, IKEA opened its first India branch in Hyderabad. The store marked IKEA as the first successful retail to enter Indian market. Now, along with a plan to expand the market further, it invested on Indian startup, Livspace.
What is Livspace?
Livspace is a Bangaluru-based startup. The startup offers a service aiming to take the hassle of interior design. It connects customers with designers and supply chains. Starting from brainstorming ideas, choosing a plan and implementing it.
The company bring all parties together, cutting off previously unnecessary costs and time. It provide 3D virtual renders of a renovation, offline meetings at the company, and even customized furnishing.
Anuj Srivastava, previously working at Google, founded Livspace with Ramakant Sharma, former worker at Myntra in 2015. It started in Bangalore, before now available in seven cities around India.
So far, the company had raised $97.6 M through 5 funding rounds. Aside from IKEA, Jungle Ventures is also one of its biggest investor. The ventures invested several times in the company.
Ingka, IKEA parent venture itself had put interest in Livspace since its’ Series C funding round back in September last year. The interest then developed into various meetings and then investment.
What will this investment mean?
However, there are yet any details over the investment and partnership from both side. Obviously, the biggest possibility is that Livspace making IKEA’s products available on its platform. But Srivastava, CEO and co-founder of Livspace stated that they need to do further agreements on the specifics.
Though, he admitted that the IKEA’s products in its platform will help his company to go beyond India. Going international has been something that the company talked openly about since its beginnings.
Meanwhile, IKEA itself is planning on further expansion in India. It plans to open at least 25 more stores in various cities within the country.
