LivSpace which is an online home design startup today said Ingka Group, the franchise partner of the furniture giant Ikea, has also picked up a minority stake in the company.
Ingka Group operates 400 Ikea stores across the globe which even includes in India, fetches around 80% of Ikea sales. The investment was made by its arm Ingka Investments.
The company as of now did not close the size of investment – Ikea first technology investment in India – but two people familiar with the matter as said on the condition of anonymity that Livspace received around $10-$15 Million.
The company also has plans to use the money to develop new home interior solutions and products while even expanding its offline presence, revealed in a statement.
“While it is a minority stake, this is a significant investment for us,” Ramakant Sharma, co-founder of Livspace said over the phone. “The idea is to collaborate on retail technology, supply chain, among many other things.”
Livspace was launched in the year 2014 by the Sharma and Srivastava, former senior executives at Google and Myntra Designs Pvt Ltd. It even provides a marketplace for the customers to buy an interior design online from designers.