Ikea’s largest franchise partner, Ingka Group, has picked up a minority stake in Livspace, said the company in a statement. As per the sources Livspace has received an amount of $10-15 million. This is the first technology investment by Ikea in India.
“While it is a minority stake, this is a significant investment for us,” said Ramakant Sharma, co-founder of Livspace. “The idea is to collaborate on retail technology, supply chain, among many other things.”
Livspace earlier raised $70 million in a round led by private equity firm TPG Growth and Goldman Sachs. The startup was launched in 2014 by Anuj Srivastava (a senior executive at Google) and Ramakant Sharma from Myntra.
The company offers a portal for customers to buy interiors online and competes with other retailers like Pepperfry and Urban Ladder.