Livspace eyes expansion in Middle East, starting with Saudi Arabia

According to a senior corporate official, omnichannel home interior platform Livspace is expanding to the Middle East, starting with Saudi Arabia, where it has created a joint venture with the Alsulaiman Group (ASG).In the joint venture with ASG, the operational partner of Swedish furnishings retailer Ikea in the area, the business would invest $25 million (Rs 187.5 crore).According to Sharma, who is also the company's chief operating officer, the company's growth over the next year to year and a half would come from development into new markets abroad, more non-metro and smaller cities inside India, and improved unit economics.Sharma estimates that the company's current revenue run-rate is roughly $175-180 million, and that it will increase to $300-350 million in the next two years. Currently, the organisation is active in India and Southeast Asian regions such as Singapore.The firm generated $225 million in new sales during the fiscal year ending March 31, 2020. Over the next 24 months, we estimate new sales to be approximately $650-700 million, Sharma added.Livspace claims to be the largest omni-channel home interior and remodelling platform today, having been founded in 2014 by Sharma and Anuj Srivastava. It has provided over 100,000 rooms and has over 7.5 million products for sale on its marketplace.Livspace has so far garnered more than $200 million in funding from investors such as Ikea's investment arm, Ingka Ventures, TPG Growth, and Goldman Sachs. The Saudi JV intends to invest in outstanding talent at all levels, and by 2022, it hopes to have 500 design and execution partners in the area. Livspace provides interior design, interior design execution, remodelling services, material supply, and home fit-out aspects. Mobile apps, artificial intelligence, machine learning, and visualisation solutions for the home renovation business are also priorities.Livspace provides interior design, interior design execution, remodelling services, material supply, and home fit-out aspects. Mobile apps, artificial intelligence, machine learning, and visualisation solutions for the home renovation business are also priorities.Also readhttps://www.constructionworld.in/latest-construction-news/real-estate-news/interiors/home-interior-solutions-design-caf-eacute;-raises--25-million-in-funding/31037