WoodenStreet to invest Rs 166 cr on store expansion

Homegrown furnishings agency WoodenStreet will infuse about Rs 166 crore to extend its retailer rely to 300 within the subsequent two years.

There are at the moment 85 shops working throughout numerous cities within the nation, together with Tier I, II and III cities. “The agency plans to develop its presence by taking the quantity to 300+ tech-enabled shops within the subsequent 24 months,” the corporate stated in a press release.

In keeping with the assertion, WoodenStreet will make investments near $20 million (round Rs 166 crore) to gas its development throughout the nation.

The Udaipur-based firm is aiming a income of Rs 1,500 crore within the subsequent 24-36 months.

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The brand new shops will come up in metropolitan cities in addition to Tier II and III cities, stated WoodenStreet. The corporate stated the funding will assist generate over 3,000 job alternatives.

Apart from rising the variety of shops, the corporate can be aiming a five-fold enhance in warehousing capability within the coming months.

WoodenStreet operates greater than 30 warehouses throughout India, unfold over an space of 15 lakh sq. toes. The corporate not too long ago launched certainly one of its largest warehouses in Bengaluru, with an space of two.5 lakh sq. toes.

Lokendra Singh Ranawat, CEO, WoodenStreet, stated FY22 was spectacular by way of enterprise development and increasing the model’s omnichannel presence. “We now goal to proceed with the identical development trajectory this 12 months as nicely and work in the direction of our imaginative and prescient of creating WoodenStreet attain nearer in the direction of its audiences.”

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