Livspace and Alsulaiman Group joint venture invests $50 million for MENA expansion
Livspace, India and South East Asia’s largest omni-channel home interior and renovation platform enters GCC markets through a joint venture with Alsulaiman Group (ASG), Ikea’s operating partner in the region. The two companies will build on Livspace’s technology platform, digital supply chain and most trusted managed-marketplace with an investment injection of $50 million to capitalize on the vast opportunities in home interiors and renovation segment in the MENA region starting with Saudi Arabia.
Livspace brings homeowners, design professionals, vendors and brands together on a single managed marketplace. The company’s global experience, combined with the strong legacy of ASG will aid the brand in delivering world-class home interior and renovation solutions across the Middle East. ASG is expanding its range of products and services through investing and partnering with innovative companies and startups that bring unique concepts to the region.
The JV further plans on strengthening the team by investing in top talent across levels while also aiming to onboard over a thousand design and home improvement professionals partners in the region by 2022. The JV will aim to bring trusted home interiors and renovation solutions to homeowners, enable thousands of small and fragmented design and home improvement professionals to grow their business, and create the largest, most organized digital supply chain for the home interiors and renovation industry in the region.
Anuj Srivastava, CEO & Co-Founder, Livspace, aid: “Given our technology prowess, deep understanding of the supply fundamentals and the ready launch and scale template, we today dominate the market in the high growth India and Singapore markets. Our platform enables us to explore JV models to quickly expand our services in both new and existing markets. We are excited about our partnership with a trusted partner like ASG to provide customers with an enhanced yet standardized experience through our proprietary technology platform which brings together trusted design partners and home improvement professionals, streamlining the home renovation process.”
Livspace is focusing on new mobile applications, AI, ML retail technology and visualization solutions for the home improvement industry. Through its partnership with Livspace, ASG’s customers in the region will have access to home design ideas in designated studios and on the tip of their fingers through an online technology platform, combined with execution matched with a built-in ecommerce concept for materials and furniture elements.
