Livspace, an omnichannel home interior platform, is expanding to the Middle East, starting with Saudi Arabia, where it has formed a joint venture with the Alsulaiman Group (ASG), a senior company executive said.

In the joint venture with ASG, the operating partner of Swedish furniture retailer Ikea in the region, the company will invest $25 million.

“ASG gets customer insights and supply-chain solutions to the JV while we bring our product and execution capabilities,” Livspace co-founder Ramakant Sharma said.

The company’s growth over the next one year to year-and-a-half will come from expansion into new markets abroad, more non-metro and smaller cities within India and by improving unit economics, said Sharma, who is also the chief operating officer.

“Within the GCC (Gulf Cooperation Council), we intend to expand to another six to seven cities. It is a $15 billion worth of total addressable market that we are chasing,” Sharma said.

“WE are trying to build a truly global company out of India with almost 20 per cent of our new sales coming in from markets outside of India,” Sharma said.

Livsapace was founded in 2014 by Sharma and Anuj Srivastava. It has sled over 7.5 million items through its platform and has delivered more than 100,000 rooms.

“Our India business is operationally profitable and we are appropriately funded as of now and hence are not looking at raising further capital,” Sharma said.

“Given our ready launch and scale template, we are today market leaders in India and Singapore. Our platform also allows us to explore JV models to quickly expand our services in both new and existing markets,” Srivastava, who is also its chief executive, said.

“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,” ASG CEO Saud Alsulaiman said.