For now, the Swedish company is busy marking its presence across major metros and scaling up local sourcing
Susanne Pulverer, chief executive at Ikea India, said the firm has already invested INR 10,500 Cr to build five stores in India so far
Currently, the Swedish furniture company has an online presence in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru
Swedish furniture major Ikea has put plans in place to start ecommerce operations in the NCR region ahead of opening two shopping centres over the next two years.
According to Susanne Pulverer, chief executive and chief sustainability officer at Ikea India, the company will start selling online in NCR by the end of 2024. For now, the Swedish company is busy marking its presence across major metros and scaling up local sourcing.
In an interview with Mint, Pulverer said Ikea has already invested INR 10,500 Cr to build five stores in India so far, alongside investments in two large shopping centres with Ikea stores.
According to Pulverer, Ikea is planning an omnichannel store, opening at the end of 2024, alongside its first Ingka centres. The latter is a shopping centre concept in Gurugram with an integrated Ikea store that will happen two years from now.
Ikea’s parent company is also setting up its investment arm in the country to invest in businesses outside retail. Ingka Investments, the investment arm, has picked up stakes in solar farms in Australia and logistics centres in Denmark in the past.
Pulverer said the investment arm could invest in sustainability-linked businesses in India.
“It’s a little bit early, so I have no concrete things to say except that one of their key focuses is within the area of sustainability, and I believe that will be the first area, they will come in and invest in India,” she told the publication.
India is a priority growth market for long-term investment for the parent company, she said.
Ikea made its debut in India in 2018, opening its first retail store in Hyderabad. Currently, the Swedish furniture company has an online presence in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru. Three big-format Ikea stores are operational in Hyderabad, Navi Mumbai and Bengaluru, apart from two smaller stores in Mumbai.
With its continued expansion into the omnichannel space, Ikea is set to be more competitive against Indian startups such as Pepperfry, Furlenco, LivSpace and Urban Ladder, among others. According to a report by Research and Markets, India’s overall furniture market is set to reach a size of $37.72 Bn by the end of 2026.
