Ikea India raises Rs 600 crore

Ikea India Private Limited, a chain of home furnishing stores, part of the Ingka Group that includes IKEA Retail and Ingka Investments, has raised Rs 600 crore, according to financial data accessed by business intelligence platform, Tofler.

Ingka Centres, part of the Ingka Group had recently said that it will invest close to Rs 7500 crore in developing two shopping destinations in NCR.

The investors are Ingka Pro Holding BV, The Netherlands and Ingka Holding Overseas BV, The Netherlands.

The Swedish retailer had entered India in 2018 by opening a store in Hyderabad and has since seen revenue surge ahead of rivals.

The company has changed the focus towards more open area as covid increased the importance for outdoor spaces.

In addition to Ingka Centres, IKEA has separate plan for expansion in stand-alone stores.