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Livspace forms JV with Alsulaiman Group; invests $50 million to expand in MENA

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Livspace is strategically expanding its global presence through the JV model driven by its technology platform

Livspace forms JV with Alsulaiman Group; invests $50 million to expand in MENA
Home interiors and renovation platform Livspace on Monday said it has formed a joint venture with Alsulaiman Group (ASG) to expand into the Middle East region. With its maiden joint venture with ASG -- Ikea's operating partner in the region, Livspace will aim to capitalise on the vast opportunities in the home interiors and renovation segment in the Kingdom of Saudi Arabia (KSA).
Livspace founder and CEO Anuj Srivastava said that the company will be operating in the region, in partnership with ASG. It's a 50:50 partnership wherein both Livspace and ASG have invested about US $50 million. "We are launching in KSA initially and will be looking to capitalise the massive opportunity in the home interiors and renovation segment in the Middle East and North Africa (MENA) region in the next 24 months," Srivastava said.
The JV will be fully operational by the first half of 2022, he added. Livspace has raised over US $200 million from top global investors including TPG Growth, Goldman Sachs, Ingka Ventures (IKEA), Kharis Capital, Venturi Partners, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.
Srivastava said Saudi Arabia's booming real estate market, especially the residential segment, presents significant opportunities. "Saudi Arabia's Vision 2030 initiatives are sparking growth in home ownership and a wider array of residential formats - villas to high-rise apartment living which underlines the need for quality home interior design and execution," he explained.
Livspace is aiming 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 organised digital supply chain for the home interiors and renovation industry in the region.
Alsulaiman Group CEO Saud Alsulaiman said the partnership with Livspace will allow the company to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation in an innovative and unique experience. "This partnership with Livspace will allow us to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation, in an innovative and unique experience to turn the dreams of homeowners into reality, Alsulaiman said.
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