Livspace, a home and interior platform, has teamed with the Alsulaiman Group, a Saudi Arabia-based retail giant, to strengthen its operations in the Middle East. The two companies are investing $50 million together to fuel expansion.
The company stated that its first joint venture and Livspace will focus to leverage on the opportunities offered in the home interiors and renovation segment in the Middle East and North Africa (MENA) region, beginning with KSA, and will be formed on top of the home improvement industry’s only technology platform, digital supply chain, and most trusted managed-marketplace.
The joint venture will accelerate regional growth and position itself as a dominant player in the segment across diverse MENA markets. Over the next 18-24 months, Livspace plans to grow into 80 new cities around the world, starting with Asia-Pacific (APAC).
Anuj Srivastava, CEO, and Founder of Livspace stated, that the partners prefer to expand the workforce and hire about 100 individuals across operations within the next years. Adding further he said, “We are thrilled to expand our operations in the Middle East with a strategic partnership of the caliber of Alsulaiman Group. As consumers move towards organized and trusted digital brands – sellers, suppliers, vendors, and brands adopt digital platforms. Livspace will rapidly continue to scale its business model across multiple regions and new markets across the globe starting with the APAC geography.”
The joint venture (JV) also aims to strengthen the workforce by investing in top talent at all levels, with the purpose of onboarding over a thousand design and home renovation professionals in the region by 2022. According to the company, the JV will introduce trusted home interiors and renovation solutions to homeowners, facilitate thousands of small and unorganized design and home improvement specialists to expand their businesses and create the region’s largest, most organized digital supply chain for home interiors and renovation market.
The startup is backed by Switzerland’s Kharis Capital and Nicholas Cator’s Venturi Partners, which focuses on bringing together homeowners, design professionals, suppliers, and brands on a single centralized marketplace. Livspace provides design, renovation, execution, and material supply, as well as fit-out elements for bedrooms, living rooms, kitchens, and bathrooms. It is also working on new mobile applications, artificial intelligence (AI), machine learning (ML), retail technologies, and visualization solutions for the home improvement industry.
According to the company, its global experience, along with the rich legacy of Alsulaiman Group, will empower the brand to offer world-class home interior and renovation options across the Middle East. ASG is increasing its product offerings and services by investing and working with innovative brands and startups that bring revolutionary ideas to the region.
Livspace also states that Saudi Arabia’s Vision 2030 initiatives are propelling growth in homeownership and a diverse range of residential formats from villas to high-rise apartment living as well as accelerating the digital transformation, recognizing the importance of quality home interior design and execution.