WoodenStreet to invest $5 mn on warehouse expansion; hire 300 people

Online furniture retailer WoodenStreet on Monday said it will invest around $5 million (over Rs 36 crore) and hire about 300 people as it looks to strengthen its supply chain and warehousing capacity

Online furniture retailer WoodenStreet on Monday said it will invest around USD 5 million (over Rs 36 crore) and hire about 300 people as it looks to strengthen its supply chain and warehousing capacity.

The company plans to expand its current warehouse capacity by five-fold to a total of 50 lakh sq ft across India in the coming 24-36 months.

"WoodenStreet plans to invest around USD 4-5 million to tackle this massive supply-chain and warehousing expansion - including hiring 250-300 individuals from logistics and supply-chain domain," a statement said.

The company had recently launched its largest national warehouse in Jodhpur with an area of more than 2.5 lakh sq ft. Currently, it maintains over 20 warehouses and distribution centres with a total area of 10 lakh sq ft spread across the country, it added.

"At the core of this planned expansion, which sits at 50 lakh sq ft, we have set afoot a larger drive of broadening our business at the grassroots level. By augmenting our expansion to Make-in-India initiative, we plan to empower local artisans through our platform, enabling them to expand their trade horizons across the nation," WoodenStreet CEO Lokendra Ranawat said.

The company has also upgraded its warehouses with the latest stacking technology and launched an in-house warehouse management system to keep up with a high volume of logistics.

Founded in 2015, WoodenStreet offers furniture, decor and furnishings.