The new 3,500 sq. ft. WoodenStreet studio is located at Kunjwani Bypass, Srinagar Road (Jammu)
New Delhi: WoodenStreet, an online furniture store, has expanded its retail footprints by entering Jammu & Kashmir, the company said in press release on Tuesday.
The first store of the brand in the Himalayan state is located at Kunjwani Bypass, Srinagar Road in Jammu. The 3,500 sq. ft. studio is built with an investment of ₹3 crores, the company said.
The company also plans to invest an additional ₹ 3-5 crores to expand further in the state but it did not mention where. As a part of this expansion plan, the company has already hired a team of 20 and plans to employ 50 more individuals to spread the operations in J&K.
“We are thrilled to bring WoodenStreet to Jammu & Kashmir and offer our customers access to our wide range of home furniture & furnishings,” said Lokendra Ranawat, chief executive officer and co-founder of WoodenStreet at the launch. “Our goal is to provide an exceptional in-store experience that matches the convenience and quality that our customers have come to expect from our online store.”
To strengthen its omnichannel presence, WoodenStreet is planning to expand in tier 2 and 3 cities. This will aid in connecting with the customers and giving them a better shopping experience.
“Tier-2 and Tier-3 cities are poised for a great leap forward post-pandemic. These cities offer enormous opportunities for the furniture and decor industry, with a focus on designs that are both beautiful and practical. As a result, they are likely to become the next hub for this industry.”, Rawat said.
Founded in 2015, the brand currently has more than 100 stores across the country with more than 350 delivery hubs. In April 2022, the company secured $30 million in Series-B funding with Westbridge Capital, and in October 2022, it announced the plan to invest approximately $20 million for nationwide growth.