IKEA parent Ingka explores investment opportunities in India

A man holds an IKEA magazine. Photo: Billow/Unsplash

Ingka Group, the parent of Swedish furniture major IKEA, said on Tuesday that it was open to more investment opportunities in India, especially in the renewable energy, environment, manufacturing, and sustainability space.

In May, Ingka had backed online home design startup Livspace through Ingka Investments, its first technology investment in India.

When asked whether the company would invest in startups or bigger businesses here, Peter Betzel, IKEA’s India chief executive officer, said: “We have many plans in different countries, but in India, we are now looking at renewable energy. Everything connected to sustainability. Then we are also looking at manufacturing. We are looking at new raw material, and in new ways how we can produce our products.”

“In principle, we would like to continue to invest and fund these kinds of opportunities when it is closer to our business and our strategy,” he said on the sidelines of an event organised by Business Sweden in New Delhi. However, Betzel refused to divulge more details.

IKEA’s parent has been investing globally in sustainable solutions, such as solar and wind farms, as part of its plans to become climate-positive by 2030. In September, it had said that since 2009, Ingka Group has invested close to €2.5 billion in renewable energy, including investments in two solar parks in the US and a wind farm in Romania. IKEA had opened its maiden store in India in 2018 in Hyderabad and plans to open more such stores in Mumbai, Bengaluru, and Delhi-NCR.

The world’s largest furniture retailer, known for its do-it-yourself furniture and affordable range, hopes to capitalize on India’s large and aspirational middle-class population.

This article was first published on livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.