WoodenStreet to invest Rs 166 crores in growth of its retail network

• ByStartupStory     |    October 9, 2022

WoodenStreet, an Indian-born furniture company, plans to invest around Rs 166 crore over the next two years to expand to 300 stores. There are now 85 outlets spread out over the country’s different cities (Tier I, Tier II, and Tier III). The business has said that during the next 24 months they want to increase its footprint by opening more than 300 technologically advanced retail locations.

The announcement reveals that WoodenStreet would spend about $20 million (around Rs 166 crore) to support its expansion throughout India.

In the next 24–36 months, the Udaipur-based firm expects to bring in Rs 1,500 crore.

According to WoodenStreet, the new establishments will be located in both major cities and secondary and tertiary hubs. The firm estimates that the investment will result in the creation of nearly 3,000 new jobs. It plans to five-fold its warehouse capacity in the next few months, in addition to expanding the number of shops it operates. More than thirty of WoodenStreet’s warehouses may be found throughout India, with a combined space of over 15 lakh square feet. One of the company’s biggest warehouses, measuring 2.5 lakh square feet, was just opened in Bengaluru.

WoodenStreet CEO Lokendra Singh Ranawat said that FY22 was “spectacular” in terms of the company’s development and the expansion of 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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