IKEA franchisee Inkga Group has bought a stake in an Indian home improvement start-up to augment its personalisation capabilities.
Livspace provides a consultation service for interior spaces, allowing customers to book a designer and get an exclusive design for different rooms in their house. The start-up will use the funds to develop new home interior solutions and products and expand to new markets.
It’s unclear how the companies might collaborate, but an Ingka spokesperson highlighted why the acquisition was valuable.
Krister Mattsson, head of Ingka Investments, Ingka Group, said: “Convenience and personalisation are becoming increasingly important to the future of home furnishing and customers life at home and we believe Livspace has created a digital platform that has the potential to transform a customer’s home furnishing journey.
“This minority investment aligns closely with the digital direction of Ingka Group and our core business, IKEA Retail, and we are looking forward to exploring new opportunities together with Livspace.”
“We are thrilled to welcome onboard Ingka Group and a world-class brand like IKEA. We look forward to the immense collaboration possibilities in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations,” said Anuj Srivastava, co-founder and CEO of Livspace.
“Livspace aims to make good living accessible to millions. This investment is a step in that direction. On one hand, the investment gives us the opportunity to create one of the best omnichannel interiors and furniture purchase experience for homeowners. On the other hand, interior designers and vendors can anticipate a richer design and supply experience.”
Ingka represents 90% of total IKEA retail sales.