IKEA India Charts Next Growth Phase with Planned Investment of Over ₹21,000 Crore by 2030

Strengthening its long-term commitment to the Indian market, Swedish home furnishings retailer IKEA plans to increase its total investment in the country to more than ₹21,000 crore by 2030. The investment will support the company's accelerated store expansion, enhanced local sourcing capabilities, and deeper omni-channel presence as it targets an annual turnover of ₹8,000 crore, according to IKEA India CEO and Chief Sustainability Officer Patrik Antoni.

Having originally committed ₹10,500 crore in 2013 after receiving approval to operate single-brand retail stores in India, the company has already exceeded that investment. The upcoming multi-use Lykli centres in Delhi-NCR are expected to further strengthen IKEA's retail footprint and support its next phase of growth in the country.

"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," said Antoni.

The proposed investment will be channelled into expanding IKEA's retail network, developing mixed-use destinations, strengthening sourcing operations, advancing technology capabilities and scaling renewable energy initiatives across its India business.

Commenting on the company's growth trajectory, Patrik Antoni said IKEA India is witnessing healthy double-digit growth and is targeting profitability over the next few years. The retailer also aims to quadruple its turnover by 2030, driven by continued expansion and stronger omnichannel capabilities.

"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," he said.

Reflecting its strong belief in India's long-term growth potential, IKEA is stepping up investments to deepen its presence in the country. The company continues to view India as one of its most strategic global markets and a key driver of its future growth ambitions.

According to Antoni, IKEA aims to double its sourcing volumes from India over the next three to four years, driven by higher exports as well as increased domestic demand with store expansion.

"The ambition is to, within the coming three-four years, double the sourced volumes in India," he said.

IKEA entered the Indian market after receiving government approval in 2013 for a ₹10,500 crore foreign direct investment (FDI) proposal to establish 10 stores along with supporting infrastructure over a decade. The retailer later expanded its ambitions by outlining plans to add 15 more stores. India currently permits 100 per cent FDI in single-brand retail trading through the automatic route.

Over the years, IKEA has invested in several strategic initiatives, including large mixed-use developments in Noida and Gurugram, a solar power project in Rajasthan, a global capability centre, and an extensive sourcing network. Building on these investments, the company is now focused on significantly expanding its retail footprint across the country over the coming years.

"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.