WoodenStreet to invest Rs 166 cr on store expansion
Furniture firm WoodenStreet operates 85 stores operating across various cities in India. It plans to increase its store count to 300 in the next two years.
Homegrown furniture firm will infuse about Rs 166 crore to increase its store count to 300 in the next two years.
There are currently 85 stores operating across various cities in the country, including Tier I, II and III cities. "The firm plans to expand its presence by taking the number to 300+ tech-enabled stores in the next 24 months," the company said in a statement.
According to the statement, WoodenStreet will invest close to $20 million (around Rs 166 crore) to fuel its growth across the country.
The Udaipur-based company is aiming a revenue of Rs 1,500 crore in the next 24-36 months.
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The new stores will come up in metropolitan cities as well as Tier II and III cities, said WoodenStreet. The company said the investment will help generate over 3,000 job opportunities.
Besides increasing the number of stores, the company is also aiming a five-fold increase in warehousing capacity in the coming months.
WoodenStreet operates more than 30 warehouses across India, spread over an area of 15 lakh square feet. The company recently launched one of its largest warehouses in Bengaluru, with an area of 2.5 lakh square feet.
Lokendra Singh Ranawat, CEO, WoodenStreet, said FY22 was spectacular in terms of business growth and expanding the brand's omnichannel presence. "We now aim to continue with the same growth trajectory this year as well and work towards our vision of making WoodenStreet reach closer towards its audiences."
Edited by Swetha Kannan