Furniture Co. Woodenstreet to Invest 166 Cr In Store Expansion
Homegrown furniture firm WoodenStreet will infuse about ?166 crore to increase its store count to 300 in the next two years. There are 85 stores operating across various cities, including tier-I, II, and III, the company said. "With more than 85 stores functioning across the country, the firm plans to expand its presence by taking the number to 300+ tech-enabled stores in the next 24 months," it said. WoodenStreet will be investing close to $20 mn (around ?166 crore) to fuel its growth across the country. The Udaipur-based company is also aiming for a revenue of ?1,500 crore in the next 24-36 months. The new stores will come up in metropolitan cities and also in tier-II and tier-III cities, WoodenStreet said adding the investment will help generate over 3,000 job opportunities. Besides increasing the number of stores, the company is aiming for a five-fold increase in warehousing capacity in the coming months. It operates more than 30 warehouses across India, spread over an area of 15 lakh sq ft. The company recently launched one of its largest warehouses in Bengaluru, with an area of 2.5 lakh sq ft. 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."
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