IKEA India to invest over Rs 21,000 crore by 2030, targets Rs 8,000 crore revenue

NEW DELHI: IKEA is assembling a much bigger India story. IKEA plans to more than double its investment in the country to over Rs 21,000 crore by 2030, while targeting annual revenue of Rs 8,000 crore and a nationwide network of about 30 stores, according to its India chief.

Speaking to PTI, IKEA India, chief executive officer, Patrik Antoni said the company has already exceeded the Rs 10,500 crore investment commitment it made when it entered India in 2013 and expects to at least double that figure over the next four years.

“We made a commitment to the authorities that we would invest Rs 10,500 crore. This amount is already committed to India at the moment, and we see that we will probably double that investment going forward. By 2030, we should have doubled that at least,” Antoni said.

The fresh investments will be channelled into store expansion, mixed-use developments, renewable energy projects, sourcing operations and technology capabilities as the company deepens its presence in one of its fastest-growing global markets.

IKEA currently generates around Rs 2,000 crore in annual turnover from India and is aiming to quadruple that figure by the end of the decade.

“We are around Rs 2,000 crore of turnover today. We believe we can quadruple this by 2030. Rs 8,000 crore is the ambition,” Antoni said.

The retailer also expects to achieve profitability in India within the next few years as scale improves and new stores begin contributing to revenue growth.

A key pillar of IKEA’s India strategy is local sourcing. The company plans to double sourcing volumes from India within the next three to four years, driven by both export demand and the expansion of its domestic retail operations.

“The ambition is to, within the coming three-four years, double the sourced volumes in India,” Antoni said.

The Swedish retailer entered India’s single-brand retail market after receiving government approval in 2013. It launched its first Indian store in Hyderabad in 2018 and currently operates large-format outlets in Hyderabad, Bengaluru and Mumbai. It is also developing major mixed-use projects in Noida and Gurugram.

Looking ahead, IKEA plans to add around 25 stores over the next three to four years, taking its total network to approximately 30 stores by 2030.

“The plans looking forward are to really make another 25 stores in the coming three-four years. By 2030, we’ll have about 30 stores,” Antoni said.

Alongside physical expansion, the company is betting heavily on digital commerce. IKEA currently reaches customers in more than 80 markets across India through e-commerce, which contributes roughly 30 per cent of its revenue.

“E-commerce today is 30 per cent of what we sell. It is a very important part and we believe that both e-commerce and maybe AI-driven commerce will also change. We are very actively pursuing this interest already,” Antoni said.

While store openings are expected to fuel strong offline growth, he expects online sales to grow even faster as digital adoption increases.

The retailer is also preparing for a significant workforce expansion. IKEA currently employs about 2,500 people in India and plans to double that number by 2030.

“We have about 2,500 employees at the moment. But we’re looking at doubling that until 2030, which means another 2,500 colleagues will come in,” Antoni said.

With plans spanning retail expansion, sourcing, renewable energy and digital commerce, IKEA’s latest investment roadmap signals its growing confidence in India as a long-term growth market and a key manufacturing and sourcing hub within its global operations.