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You read that right. The Swedish home-furnishing giant announced that <a href="http://www.businessinsider.in/EXCLUSIVE-Ola-share-pass-pre-sells-5-million-share-rides-in-60-days/articleshow/55848574.cms">to say thank you to its employees through Tack! </a>– the <keyword id="897218" type="ORGANIZATION" weightage="20" keywordseo="IKEA-Group">IKEA Group</keyword> loyalty program. IKEA Group will pay its co-workers another €108 million this year into their pension funds, for their loyalty and contribution. 
 “I am happy to announce that this year’s payout will give our co-workers at IKEA Group in India a Rs.1,40,219/- each in their pension fund for this year. In India today we have around 300 co-workers, which will grow to 1500+ co-workers in a year and 14000 by 2025. We value our co-workers who are our most valuable assets.” said <keyword id="3922608" type="UNKNOWN" weightage="20" keywordseo="anna-carin-mansson">Anna-Carin Mansson</keyword>, Country HR Manager, IKEA India. 
 
IKEA has been sourcing from India for the 30 years for <a href="http://www.businessinsider.in/Shopclues-launches-Reach-to-digitize-offline-merchants-payments/articleshow/55830955.cms">its global stores. In India, it currently has 50 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain. </a>It is is the first major single brand retailer to get <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> approval and plans to open several stores in Delhi/NCR, Hyderabad, Karnataka, and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>. The first IKEA India store is slated to open in Hyderabad by end December and Mumbai in mid-2018. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-IKEA-APAC-Head-talks-about-what-to-expect-from-the-upcoming-IKEA-store-in-Hyderabad/articleshow/55812739.cms">ALSO READ: EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad</a> 
 
As part of this unique loyalty program, IKEA Group co-workers annually receive an extra payout in addition to existing pensions, according to the same fair and simple principle. 
 
Every full-time IKEA Group co-worker in India who has worked for IKEA for five years or more receives the same amount regardless of their position or salary level. Part-time co-workers will receive a proportional amount in relation to hours worked. 
 
Since Financial Year 2014, €413 million has been allocated to the TACK! programme. The global funding is divided amongst all IKEA Group countries, based on each country’s proportion of the total salary and wages. A pre-requisite for a funding of the program is that IKEA Group reaches its goal results.

IKEA announced that they will give their Indian employees Rs.
1,40,219 as an extra bonus, this year

<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.

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

IKEA is a consumer brand that anyone can relate to; it's homely, practical and futuristic which makes it very exciting for India because these are the values that compel us before purchasing anyway. 
 
So, when we heard that IKEA is opening its first store in the country next year, not only were we excited, but extremely curious as well. <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> met with <keyword id="3922141" type="UNKNOWN" weightage="20" keywordseo="mikael-palmqvist">Mikael Palmqvist</keyword>, APAC Head, IKEA Retail to discuss what’s in store, (literally) at the upcoming IKEA store in Hyderabad. 
 
This is how he began - “We are very excited to open our maiden store in the country after textile- sourcing for about 30 years from here. The size of the store, the functionality of the products would be same, and around 5% of the products will be Indianized for meeting customer’s needs like the ‘tava’, idli maker and the pressure cooker.” 
 
Regulations 
 <keyword id="3922143" type="UNKNOWN" weightage="20" keywordseo="palmqvist">Palmqvist</keyword> emphasizes that IKEA is not a retail company, but a life-at-home company that sells solutions. For him, India is a very important market because not only is every home, room, and activity important, but the sheer size and diversity makes India like a continent for the company. 
 
Palmqvist also says that it took them around 4.5 years to get here but that wasn’t because of the regulations. 
 
He says - ‘’Our stakeholders here have always been supportive; in terms of FDI, e-commerce, and sourcing. Ease of doing business has increased dramatically.’’ 
 
‘Start and adapt’ is IKEA’s motto of the company everywhere, and in India as well. 
 
“We want to understand how the customer accepts IKEA and then go from there. If the customer wants to pay digitally or by cash, we will provide them with options’’ he adds on being asked to comment on the recent demonetization move and its impact on businesses. 
 
Diversity 
 The company also believes in emphasizing on diversity when they hire people and globally they ensure that 50% of the workforce is women. Currently, the company has collaboration with <keyword id="3922144" type="UNKNOWN" weightage="20" keywordseo="national-institution-of-fashion-technology">National Institution of Fashion Technology</keyword> which contributes design aesthetics to their collections. 
 
In terms of future pricing for their products, they claim to be accessible to all, and not just the middle class. They want to be competitive in pricing under ‘’Home furnishing for all’’. 
 
Online store 
 
E-commerce companies like HomeLane, Urbanladder, Pepperfry, Fabfurnish etc. might pose a threat to the Swedish giant, but Palmqvist’response - ‘’We are happy to build up the furnishing market with these players“ – shows the IKEA team is unfazed by the competition. 
 
Their website IKEA.in will be updated with inventory after the store has opened in full swing. 
 
<a href="http://www.businessinsider.in/Bollywood-actor-Kunal-Kapoor-talks-about-Ketto-his-crowdfunding-startup-which-has-raised-Rs-40-Cr-for-social-causes/articleshow/55753955.cms">ALSO READ: EXCLUSIVE - Bollywood actor Kunal Kapoor talks about Ketto, his crowdfunding startup which has raised Rs 40 Cr for social causes</a> 
 
<a href="http://www.businessinsider.in/This-LinkedIn-survey-reveals-that-India-has-the-highest-level-of-sales-and-marketing-collaborations/articleshow/55749887.cms">Feeling inspired by the Indian homes</a> that the IKEA team visited, the company plans to make further investments in the country but over a few years, after more stores have opened. After Hyderabad, the company wants to open in <keyword id="57321" type="PERSON" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword> and so on. 
 
Biggest cafes 
 When we asked <keyword id="322364" type="PERSON" weightage="20" keywordseo="Mikael">Mikael</keyword> to tell us how would an Indian feel after entering the first IKEA store, he said, “WOW! I want them to be surprised by how much we know about what they need. It’s smart and affordable.” The company is also planning to open the biggest restaurants in India with 1000 seats, where customers will get to taste typical Swedish delights. 
 
The company seems to<a href="http://www.businessinsider.in/EXCLUSIVE-BigBaskets-co-founder-talks-about-hyperlocal-businesses-and-profitability/articleshow/55752379.cms"> be watching how you live, eat and work to create things</a> that you didn’t even know you needed. We can’t seem to wait to enter the much-hyped store!

EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad

Small businesses have been bearing the brunt of <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">demonetization</keyword> the most, by losing out on customers who do not have cash to pay for their daily needs. 
 
To help offline merchants opt for<a href="http://www.businessinsider.in/EXCLUSIVE-BigBaskets-co-founder-talks-about-hyperlocal-businesses-and-profitability/articleshow/55752379.cms"> cashless transactions</a>, <keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">Shopclues</keyword> announced the launch of 'Reach' under its Business Edge initiative today. 
 'Reach' helps brick and mortar stores in the country to process hassle-free <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword> for customers. 
 
The best part is that neither the customer or the seller needs the mobile application to make the payment and the price; Shopclues will only charge INR 99 per month from the merchants, as of now. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-IKEA-APAC-Head-talks-about-what-to-expect-from-the-upcoming-IKEA-store-in-Hyderabad/articleshow/55812739.cms">ALSO READ: EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad</a> 
 
The SMS based three-step payment mechanism also eliminates the intermediary digital wallet by directly transferring the payment to the beneficiary's bank account at an introductory rate of 0% TDR on transactions. 
 
This facility can be subscribed to by Shopclues-affiliated merchants as well as offline merchants who are not associated with the company. 
 
'Reach' by Shopclues also assists the retailer in <a href="http://www.businessinsider.in/Bollywood-actor-Kunal-Kapoor-talks-about-Ketto-his-crowdfunding-startup-which-has-raised-Rs-40-Cr-for-social-causes/articleshow/55753955.cms">order management, inventory management, e-Billing, centralized inventory status for multiple stores and merchant store promotion.</a>

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IKEA announced that they will give their Indian employees Rs. 1,40,219 as an extra bonus, this year

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

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EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad

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Shopclues launches 'Reach' to digitize offline merchants payments

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