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New Delhi: <keyword id="23094102" type="General" weightage="100" keywordseo="Ingka-Centres" source="keywords" meta.keywordsubtype="org" meta.entityname="Ingka Centres" meta.hostid="261" meta.entityid="Ingka Centres">Ingka Centres</keyword>, a part of Ingka Group that operates <keyword id="19948265" type="General" weightage="20" keywordseo="IKEA" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA" meta.hostid="261" meta.entityid="IKEA">IKEA</keyword> retail, will invest 607 million euros (about Rs 5,500 crore) to set up its second meeting place in India at <keyword id="19895934" type="General" weightage="20" keywordseo="Noida" source="keywords">Noida</keyword> under the <keyword id="23094103" type="General" weightage="20" keywordseo="Lykli" source="keywords" meta.keywordsubtype="org" meta.entityname="Lykli" meta.hostid="261" meta.entityid="Lykli">Lykli</keyword> brand, taking its overall <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in the country to a 1 billion euros, according to the company's Global Expansion &amp; Development Director Sebastian Hylving. It is betting big on the Indian market and is looking at expanding where IKEA plans to open its outlets in the country, although the opening of its first meeting place in Gurugram -- Lykli Gurugram -- has been pushed to 2026 from the originally planned opening in late 2025. The company on Monday unveiled the second IKEA-anchored meeting place in India at Noida which will offer a blend of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences tailored to the needs of modern urban residents. "It (Lykli Noida) is at an investment of 607 million euro...that investment is purely for the Noida project, and then we have an investment for GMP (Gurugram meeting place) as well. So I think it's around 1 billion (euro) in total for the two first projects and we don't see that it will stop with these two centres," Hylving told PTI in an interview. Last year the company had announced that it planned to open the first meeting place, Lykli Gurugram -- where it is investing 400 million euros (around Rs 3,500 crore), in late 2025. On the timeline for the opening of Lykli Gurugram, he said, "We had an intention (for late 2025). When you start up a project at an early stage, you set the target but once you get closer to understanding the full process, then you see what is achievable. So, 2026 is what we're talking for the opening of Lykli Gurugram." Elaborating further on the roadmap for Ingka Centres in India, he said, "We are looking for more opportunities, both brownfield and greenfield opportunities...We follow IKEA's expansion..." India is among the top three markets globally for IKEA and it will continue to be. There are big opportunities in India -- a big country with a lot of positive signals in terms of market growth, high education level, good qualified people, demographics is shifting in the right direction, he added. "We are looking at the locations where IKEA is now looking for opportunities. Sometimes it's possible, sometimes it's not. The cities that IKEA are looking at expanding, that is also cities that are on our map. If we can find a way together, then that's our preferred approach forward," Hylving said. On Lykli Noida, he said it will create 9,000 jobs and it will be Ingka Centres' first meeting place in the world with a hotel as part of the mixed-use development. "We're looking at opening in 2028," he said adding Lykli Noida will have around 240 partners, a hotel with 267 keys and two office towers. It is expected to attract more than 25 million visitors, Ingka Centres said. Ingka Centres offers shopping places, office space, food and beverage outlets and social activities collaborating with the local community. It works with over 3,000 brands across its portfolio of 35 meeting places in 13 markets globally. <keyword id="20385220" type="General" weightage="20" keywordseo="IKEA-India" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA India" meta.hostid="261" meta.entityid="IKEA India">IKEA India</keyword> CEO and Chief Sustainability Officer Susanne Pulverer said,"IKEA has a long-term commitment to Delhi NCR to create a positive impact on the local economy through our business. The unveiling of Lykli Noida is a major milestone in our India growth journey." Together with Ingka Centres, IKEA will become a strong contributor to increase the overall home furnishing market and bring a unique retail experience, she added. Uttar Pradesh Chief Minister Yogi Adityanath said the unveiling of Lykli in Noida marks a significant step forward in the development of the state as a hub of modern urban living. "The project not only reflects the growth and development of Noida but also aligns with our vision of creating sustainable, community-focused spaces across the state," he added.

Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

<ul><li><keyword id="2644491" type="PERSON" weightage="20" keywordseo="LivSpace">Livspace</keyword> has raised <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> from Ingka Group – a franchise partner of <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword>. </li><li>The Ingka Group owns and operates 367 IKEA stores – including <keyword id="6429663" type="ORGANIZATION" weightage="20" keywordseo="ikea-india">IKEA India</keyword>.</li><li>Livspace had last raised $70 million in a series C round in September 2018.</li></ul>Indian home design and renovation startup Livspace has raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA. The Ingka Group which owns and operates 367 IKEA stores contributing to 90% of IKEA’s total retail sales --- made a minority investment in Livspace, today. The details of this deal are yet unknown. “This minority investment aligns closely with the digital direction of Ingka Group and our core business, IKEA Retail,” said Krister Mattsson, Head of Ingka Investments, Ingka Group. In September 2018, Livspace raised $70 million in a Series C round funding from TPG Growth and Goldman Sachs, along with its existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures. Livspace, launched in 2015, brings together homeowners and designers and vendors, to ease home design with streamlined communication. “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. This fresh funding will help the startup develop more products and take them to newer markets. The Ingkar Group also runs the single store in India at Hyderabad – which launched in August 2018 amidst much fanfare. See Also: <a href="https://www.businessinsider.in/pepperfry-partners-with-bankbazaar-to-offer-loans/articleshow/69116169.cms">Pepperfry and Bankbazaar are now offering loans to refurbish homes</a> <a href="https://www.businessinsider.in/after-amazon-pepperfry-launches-wedding-gift-registry-on-its-platform/articleshow/68171208.cms">Indian e-tailers want you to choose the presents that your friends will pay for</a>

IKEA's India partner invests in a home design startup that may in turn serve the Swedish retailer

<ul class="summary-list"><li>More than 250 self-flying drones are operating at Ikea's 73 distribution centers.</li><li>Thanks to its partnership with Verity, Ikea has made progress with drones while its competitors lag.</li></ul>Three years ago, a drone took flight at an <a target="_blank" class="" href="https://www.businessinsider.com/ikea-first-time-visit-most-surprising-things-2023-12">Ikea</a> warehouse in Switzerland for the first time.More than 250 drones now operate across 73 Ikea distribution centers in nine countries. They take stock of inventory and capture images of missing or misplaced items for detailed inventory reports — and they can do it all in completely dark warehouses.For the past few decades, investors and large retailers like Amazon and Walmart have been interested in drone technology. Companies in the future-air-mobility industry — including firms that sell technology like surveillance and delivery drones and electric aircraft — have raised $22.4 billion from investors since 2004, according to a report published by the consulting firm McKinsey &amp; Company.But the <a target="_blank" class="" href="https://www.businessinsider.com/category/drone-delivery">drone hype cycle</a> has recently cooled. McKinsey data found that total funding for the sector dropped in 2023, largely because retailers struggled with using drones to reliably and affordably deliver packages to people's homes.Meanwhile, Ikea's largest franchisee, Ingka Group, has stood out for its steady progress in drone deployment.Ikea's narrower application of the technology has focused on the company's internal supply chain, avoiding aviation regulations and production-related expenses that have ensnared its competitors over the years.<h2 id="39c9cd7f-c996-492d-b54e-c0f4b289f4ea">Ikea's strategic partnership with the drone startup Verity has been key</h2>In 2021, Ikea partnered with Verity, a Swiss startup founded a decade ago that makes self-flying drones that scan inventory in large warehouses.Verity's other clients include the Danish shipping and logistics company Maersk and the tech giant Samsung Group, though the Dutch-based home-furnishings retailer Ikea was its first customer."We wouldn't be here, where we are today, without their commitment to seeing this being an actual, working product," Raffaello D'Andrea, Verity's CEO and founder, told Business Insider.Earlier iterations of Verity's drones weren't as accurate as they needed to be and could be too large for the needs of a warehouse. By working with Ikea, Verity advanced its technology and built drones that can more easily avoid other objects and perform warehouse inventory checks for out-of-stock items. The fleet of drones performs its tasks autonomously, meaning they can scan inventory and capture data without human control. They're more self-sufficient, too: For every 10 minutes that a Verity drone is in flight, it charges for 20 minutes.They fly around gathering data throughout warehouses, performing standard inventory checks, and verifying if an item has moved locations, is misplaced on another shelf, or is completely missing from the company's inventory.To do this, the drones are synched with Ikea's warehouse-management system, which contains data about the 5,000 to 8,000 SKUs, or stock-keeping units, on average in each location. Since items are constantly being moved around — from one place to another on the floor or out the door with customers — there's a chance that the system may not pick up on where every single item is located or how many items are in stock.Verity's drones can double-check the system by scanning the barcodes on pallets stored in the warehouse and then comparing that data to what's in its warehouse-management system. If the data doesn't align, Ikea floor managers are informed via the drones' cloud-based software. This helps minimize the number of in-stock checks that Ikea's human workforce must complete, especially on higher shelves that may require extra work to reach.Ikea's investments in Verity's drone technology fit into its broader strategy to explore and test newer supply-chain technologies. Ingka Investments, the investment division of Ingka Group, bought the supply-chain software provider Made4net last year to help Ikea grow online sales. In June, Ikea also joined investors, including Uber and Nvidia, in a $200 million funding round for the autonomous trucking startup Waabi.<h2 id="3644f3f4-51ed-408a-bcd9-8344a6eb15cc">Drone makers evolve through trial and error</h2>Over the past few years, Ikea has added more drones to the company's operations, even as retail and restaurant chains lag behind in their drone applications for delivering food and packaged goods.Nearly 11 years ago, Amazon founder Jeff Bezos made a splash when he told "60 Minutes" there could soon be delivery drones dropping off small packages from fulfillment centers within 30 minutes. But more than a decade and billions of dollars later, <a target="_blank" class="" href="https://www.businessinsider.com/amazons-drone-delivery-joke-so-far-delivers-single-items2023-11">Amazon isn't close </a>to what Bezos envisioned for the drone industry.Similarly, in 2016, Domino's caught the industry's attention when it <a target="_blank" class="" href="https://www.businessinsider.com/dominos-domicopter-youtube-video-2013-6">delivered the world's first pizza by drone</a> in New Zealand. The company tried to revive the technology in 2022, but there's been scant mention of it since.And earlier this year, Walmart and the drone delivery company DroneUp announced they would stop drone delivery in Arizona, Florida, and Utah to focus its service on the Dallas region. One big issue to sort out is cost: In August, DroneUp told Axios it cost the company about $30 to deliver one package by drone.But the industry has also been encouraged by a friendlier regulatory landscape, as the Federal Aviation Administration in July cleared some drone companies to deliver packages without visual observers for the first time. McKinsey estimates that 1 million commercial drone deliveries occurred globally last year, up from 875,000 in 2022. Investors poured $4.5 billion into drone startups in 2023, a 9% drop from what was raised the previous year, though the number of funding deals more than doubled.For years, D'Andrea has had a front seat to the hype cycle for <a target="_blank" class="" href="https://www.businessinsider.com/drone-delivery-services">drones and other autonomous robotics</a> that aim to reinvent supply chains. Before spearheading Verity, he was a cofounder of Kiva Systems, a robotics startup that was acquired in 2012 by Amazon for $775 million and later became known as Amazon Robotics.At the time, he thought that drone industry providers were really adept at making slick marketing videos that were "divorced from the technology required to achieve it." Billions of dollars were put into drones and other robotics that could move goods, but D'Andrea said he was unsure if those technologies could perform their tasks hundreds of thousands of times both reliably and safely.However, Verity hasn't proved as expensive to build as delivery drones, D'Andrea said. That could be because warehouse drones that scan inventory are easier to design and develop than those meant to pick up packages and deliver them."But it's still taken us a long time to be able to get to where we are," D'Andrea told BI.He said that investors have been receptive to Verity's pitch thus far. The startup announced a $43 million Series B last year, raising funds from investors including Qualcomm Ventures, A.P. Moller Holding, and Exor Ventures.<h2 id="0f88e887-d869-4f73-85b9-38021f2ffaf9">Ikea's cautious yet forward-looking supply-chain strategy</h2>Erik Jönsson, an Ikea fulfillment support manager, said reliability and safety remain the company's top priorities for its drone strategy.When drones are in flight, they buzz as close as 10 feet above Ikea employees, and they're never in the same space as customers.Because of this cautious approach, there haven't been any human injuries related to the drones, Jönsson said.Jönsson added that deploying drones has allowed employees to have more time for analyzing inventory data. Before using warehouse drones, workers would check thousands of pallets repeatedly in order to manage inventory. But with drones assisting, workers have more time to sort out order-related issues before they can affect customers.Ultimately, this approach is in line with Ikea executives' vision for a supply chain with fewer inventory errors, which they believe will lead to a better customer experience, said Jönsson.

Ikea's fleet of 250 autonomous drones takes stock of warehouse inventory without any human intervention  

Home interiors and renovation platform <keyword id="2644491" type="General" weightage="100" keywordseo="livspace" source="Orion">Livspace</keyword> has laid off at least 100 employees as part of cost-cutting measures, the media reported. According to a report in leading startups coverage portal Inc42, the layoffs impacted 2 per cent of Livspace's workforce, affecting product, engineering, content, and marketing teams. The company said in a statement that "we will, in the normal course of our operations, redeploy resources". "This is organic and a reflection of normal adjustments and/or performance management parameters," it said, adding that the business has more than doubled over the past year and it aims to turn profitable in the coming year. Livspace had sacked 450 employees during the first wave of the Covid pandemic. In October last year, the company earmarked $100 million to invest and incubate new offerings and brands in the direct-to-consumer (D2C) market in the home interiors and renovation segment. Singapore-based Livspace said it aims to create multiple home interiors and renovation solutions and D2C offerings which serve homeowners across various segments in its markets across India, Southeast Asia and the Middle East region. "As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like-minded entrepreneurs that help us scale even faster," <keyword id="354664" type="General" weightage="50" keywordseo="anuj-srivastava" source="Orion">Anuj Srivastava</keyword>, CEO and Co-founder, of Livspace, said. Livspace currently has operations in over 45 cities across Southeast Asia, India, and the Middle East region. It has raised around $450 million in capital from some of the top global investors including KKR, Ingka Group Investments (part of the largest IKEA retailer Ingka Group), <keyword id="141646" type="General" weightage="50" keywordseo="tpg-growth" source="Orion">TPG Growth</keyword>, Goldman Sachs, Kharis Capital, <keyword id="8869182" type="General" weightage="50" keywordseo="venturi-partners" source="Orion">Venturi Partners</keyword> and others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-i/o-2023-pixel-7a-pixel-fold-pixel-tablet-android-14-and-everything-we-expect-to-see/articleshow/98798666.cms">Google I/O 2023 – Pixel 7a, Pixel Fold, Pixel Tablet, Android 14, and everything we expect to see</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-carriers-to-report-1-6-1-8-billion-consolidated-loss-in-fy24-says-industry-body-capa/articleshow/98799040.cms">Indian carriers to report $1.6-1.8 billion consolidated loss in FY24 says industry body CAPA</a>

Home decor company Livspace lays off 100 employees

<ul class="summary-list"><li>Ikea held two raves during Milan Design Week in late April — one of which got shut down by the police.</li><li>Marcus Engman, Ikea's creative director, said the raves signal Ikea's strategy to attract customers.</li></ul>Ikea is looking to redefine the customer experience to bring foot traffic to its stores — and it starts with raves. A few weeks ago, Ikea held a party at its <a href="https://www.ingka.com/news/ikea-opens-the-doors-to-assembling-the-future-together-at-milan-design-week/#:~:text=%E2%80%9CAssembling%20the%20Future%20Together%E2%80%9D%20is,80%2Dyear%20anniversary%20of%20IKEA." target="_blank" rel="noopener">Assembling the Future Together</a> exhibition during Milan Design Week — one of the world's biggest furniture showcases — and invited <a href="https://www.ingka.com/news/join-ikea-at-milan-design-week-for-a-sensory-journey-through-the-past-present-and-future-of-life-at-home/" target="_blank" rel="noopener">Serendeepity</a>, a local vinyl store, to host a couple of DJ sets against the backdrop of a staged light show, <a href="https://www.fastcompany.com/90892503/the-future-of-ikeas-blue-box-stores-midnight-raves-and-colossal-art?utm_source=newsletters&amp;utm_medium=email&amp;utm_campaign=FC%20-%20Compass%20Newsletter.Newsletter%20-%20FC%20-%20Compass%205-16-23&amp;leadId=45947149&amp;mkt_tok=NjEwLUxFRS04NzIAAAGLw2AXeEJaNRrPAv770wv54ZWA15gLhPb3vMea7p2og0gKz_OgNMqlJk5iK6J8fX1C2TzvgaTj3TvDg-0rkWj30983NtjGeGY_vPII6pEAmw" target="_blank" rel="noopener">Fast Company reported</a>. The result? Two spectacular raves — one of which got shut down by the police, an Ikea spokesperson told Fast Company. Ikea will be holding a couple more raves at the Milan exhibition, Marcus Engman, the creative director of Ingka Group, the company behind the Swedish furniture giant, told Fast Company. "They're going to be crazy," Engman told the outlet. "I'm a little bit afraid of them!"Engman said these raves are an example of what's to come as Ikea makes moves to bring customers back into its stores. He compared the move to stay relevant as similar to <a href="https://www.businessinsider.com/bygglek-lego-ikea-unveil-their-collaboration-after-two-years-planning-2020-8">creative partnerships Ikea has made in the past with companies like Adidas and Lego</a>. "We're trying to do the same thing here with actually, you know, envisioning new ways of doing retail and meeting people in new ways," Engman told <a href="https://www.fastcompany.com/90892503/the-future-of-ikeas-blue-box-stores-midnight-raves-and-colossal-art?utm_source=newsletters&amp;utm_medium=email&amp;utm_campaign=FC%20-%20Compass%20Newsletter.Newsletter%20-%20FC%20-%20Compass%205-16-23&amp;leadId=45947149&amp;mkt_tok=NjEwLUxFRS04NzIAAAGLw2AXeEJaNRrPAv770wv54ZWA15gLhPb3vMea7p2og0gKz_OgNMqlJk5iK6J8fX1C2TzvgaTj3TvDg-0rkWj30983NtjGeGY_vPII6pEAmw" target="_blank" rel="noopener">Fast Company</a>. "From a creative point of view, that's fun to work on. It's a challenge."For some observers, it seems to have worked. "This would be the only way I could put a foot in IKEA," a Paris-based photographer commented on an <a href="https://www.instagram.com/p/CrTQOsHIdPr/?ref=C2IcLzCb" target="_blank" rel="noopener">Instagram video of the Ikea party</a>. Ikea didn't respond to Insider's immediate request for comment before publication. The move comes just weeks after Ikea announced its plans to invest <a href="https://www.ikea.com/us/en/newsroom/corporate-news/ikea-announces-usd2-2-billion-investment-to-grow-in-the-u-s-pub50be6e70" target="_blank" rel="noopener">more than $2.2 billion</a> — Ikea's largest investment in 40 years, per the company — to expand its storefronts and fulfillment centers in urban areas across the US."We know US customers have a strong desire for more ways to shop and experience IKEA, and this growth plan will allow us to meet that need," Javier Quiñones, the CEO of Ikea US, <a href="https://www.ikea.com/us/en/newsroom/corporate-news/ikea-announces-usd2-2-billion-investment-to-grow-in-the-u-s-pub50be6e70" target="_blank" rel="noopener">said in a press release</a>. Ikea isn't the only furniture kingpin to create extravagant shopping experiences.In 2015, Gallery Furniture, a furniture chain in Texas, <a href="https://www.businessinsider.com/mattress-mack-jim-mcingvale-net-worth-career-furniture-promotions-sports-bets#on-top-of-his-business-achievments-mcingvale-is-also-known-for-giving-back-to-the-houston-community-when-hurricane-harvey-hit-texas-in-2017-mcingvale-opened-his-gallery-furniture-stores-as-a-shelter-for-800-victims-who-evacuated-their-homes-to-avoid-flooding-20">displayed monkeys, birds, puffer fish, and sharks</a> in one of its storefronts as part of its efforts to drive customers to the store.As for Ikea, Engman said there are creative ways to maximize Ikea's space to improve its bottom line. "There are techniques that we use in entertainment that are not used at all in retail," Engman told Fast Company. "And the night part is kind of interesting.""There's a lot of retail space that is actually not used to its full potential," he added.The push for new creative shopping experiences comes as big-box chains like <a href="https://www.businessinsider.com/bed-bath-and-beyond-rise-and-fall-photos-2020-1">Bed Bath &amp; Beyond.</a> which recently filed for bankruptcy, and <a href="https://www.businessinsider.com/target-store-closings-list-2023">Target</a> are shutting down its storefronts across the country, in part due to declining foot traffic.Engman told Fast Company that Ikea's growth efforts — including raves — may be a way to expand its brand."It's intriguing that everybody's talking about the death of retail, and you know, nobody is really showing the way," he said. "That's an interesting task."

Ikea is redefining its customer experience — starting with raves

<ul class="summary-list"><li><keyword id="11993987" type="UNKNOWN" weightage="60" keywordseo="ikea" source="Orion">Ikea</keyword> is spending over $3 billion to turn stores into delivery hubs.</li><li>The chain is also planning more stores inside major cities. </li></ul>Ikea will spend $3 billion to open new downtown locations in cities across North America and Europe and retrofit existing stores to fulfill online ordersThe <keyword id="11916724" type="UNKNOWN" weightage="60" keywordseo="furniture" source="Orion">furniture</keyword> <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword>er is best known for massive stores in suburbs and outside cities, where customers can find products to outfit an entire house. Now, Ikea is adapting to the changing retail landscape, the chain said in a press release. Ikea will focus on opening new stores and revamping existing ones to give customers a more immersive experience and to meet home-delivery demand, said owner and operator Ingka Group.In the coming months, openings are planned for Nice, France, and for "bustling downtown locations" in Stockholm and Toronto, where customers can purchase smaller items and order larger furniture for delivery. "We see many of our stores playing a dual role, giving our customers the best of both physical and online retailing, and the investment will support not only an inspiring in-store IKEA experience but also a faster and more affordable shipping of online orders directly from our stores," Tolga Öncü, retail operations manager at Ingka Group, said in a statement.This is a continuation of Ikea's ongoing experiment with alternative store formats. In March, <a href="https://www.businessinsider.com/ikea-new-micro-store-london-photos-2022-3">Insider visited one of the chain's new micro stores in London</a> and found a location that was designed to be more convenient and attractive for urban customers. It was about a quarter of the size of a typical Ikea, and the chain says it has plans to open at least 50 others like it.Ikea invested over $1.2 billion into the London market, which includes the micro store and creating a new distribution center. It says 30% to 40% of existing stores will be modified to facilitate online orders.Ikea's <a href="https://about.ikea.com/en/newsroom/2021/10/14/ikea-facts-and-figures-fy21">online sales increased 73%</a> in 2021, and the chain says more-efficient online orders can help grow the <keyword id="11894549" type="UNKNOWN" weightage="60" keywordseo="e-commerce" source="Orion">e-commerce</keyword> business even further, with customers in major cities like London receiving online orders in as little as 24 hours. Do you have a story to share about a retail or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

Ikea is making it easier to buy its famous budget-friendly furniture online

<ul><li>Through a pilot, Livspace said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month in Singapore. </li><li>Livspace is also investing $30 million to grow its business in Singapore. </li><li>Earlier this year, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA.</li></ul>Home interiors and renovation platform Livspace has entered the Singapore market. Through a six-month long pilot, the startup said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month. Livspace is also investing $30 million to grow its business in Singapore – drive demand, hire talent, build design experience centres and develop a regional supply chain. “Over the next 30 months, we aim to build Livspace into a US$500 million business operating across APAC and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace’s CEO and Co-Founder, Anuj Srivastava. It has also brought ex-Mckinsey and Grab executive Ravindran Shanmugam on board as the country head of Singapore. In India, the company claims to have an 80% market share and works with 3,500 registered designers and has designed 20,000 homes. In May 2019, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA. The Ingka Group owns and operates 367 IKEA stores contributing to 90% of IKEA’s total retail sales. In September 2018, Livspace raised $70 million in a Series C round funding from TPG Growth and Goldman Sachs, along with its existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures.

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Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

PTI

IKEA's India partner invests in a home design startup that may in turn serve the Swedish retailer

Sanchita Dash

Ikea's fleet of 250 autonomous drones takes stock of warehouse inventory without any human intervention

John Kell

Home decor company Livspace lays off 100 employees

IANS

Ikea is redefining its customer experience — starting with raves

Aaron Mok

Ikea is making it easier to buy its famous budget-friendly furniture online

Mary Meisenzahl

Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years

Sanchita Dash

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