NEW DELHI : Swedish furniture and home furnishings retailer Ikea has invested an additional ₹850 crore in its Indian unit as part of its strategy to deepen its presence in this growing market.
Majority of the investment has been made by Ingka Holding Overseas BV and the remainder by Ingka Pro Holding BV, data from business intelligence platform, Tofler showed on Thursday. Both companies are part of Ingka Group, the owner and operator of Ikea Retail.
The fresh infusion is part of the group’s ₹10,500 crore investment plan for India.
“India is identified as a future growth market for Ingka group. The fund infusion received is part of the ₹10,500 crores announced initially. This new infusion will support our omni-channel expansion plans in India to enable us to reach many more people in India for their life at home needs with our affordable and sustainable products," said a spokesperson for Ikea India.
In India, Ikea runs two large stores--one each in Navi Mumbai and Hyderabad. It also has an online presence across Hyderabad, Mumbai, Bengaluru, Surat, Ahmedabad and Vadodara.
The retailer has been stepping up operations in the country. Last December, Ikea opened its first small format city store at Worli, Mumbai. By 2025, it plans to have four such stores in Mumbai, in addition to its large-format store in Navi Mumbai that opened earlier.