Ingka investments, the investment arm of IKEA’s parent firm Ingka Group,has invested in Bangalore-based home furnishing startup Livspace for a minority stake, reported Deal Street Asia.
Livspace will use fresh Fundings in areas such as developing new home interior solutions and products, market expansion as well as growing its offline footprint.
Ingka Group operates 90 percent of Ikea’s retail footprint.
Founded in 2015 by a former Google executive Anuj Srivastava, Livspace was initially started as an online shopping destination where users can design, decorate and furnish their home. Later over the time, the startup opt for omni channel strategy and opened its first offline store in Hyderabad last year and has received FDI approval to operate retails store.
The startup has so far raised over $98 Mn in funding over five rounds in total. Its other investors include गोल्डमैन सचस, TPG Growth, Bessemer Venture Partners and Helion Venture, among others.
Livspace has even acquired few companies that include – – YoFloor, a Bangalore-based Home Design platform that uses interactive 3D models, Dwll.IN, a Mumbai-based curated network of interior designers, and DezignUp, an online community for home designers and home products.