Swedish furniture retailer IKEA aims to increase its investment in India to over Rs 21,000 crore by 2030, more than doubling it as it speeds up store growth, enhances local sourcing, and expands its omni-channel presence to achieve a turnover of Rs 8,000 crore, according to its India business head Patrik Antoni.

The firm, which pledged to invest Rs 10,500 crore in India in 2013 after getting approval for single-brand retail, has exceeded that investment amount, according to the IKEA India CEO.

"We pledged to the officials that we would invest Rs 10,500 crore." Currently, this sum is already allocated to India, and we anticipate that we will likely increase that investment in the future. "By 2030, we ought to have at least doubled that," Antoni stated.

The latest round of investments will focus on broadening the retailer's physical presence, mixed-use initiatives, renewable energy ventures, sourcing activities, and technological enhancements.

Regarding business performance, Antoni stated that IKEA India intends to achieve profitability within the next few years. Additionally, the firm, which is "expanding at a strong double-digit rate", also intends to increase its revenue fourfold by 2030.

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"Our current turnover is approximately Rs 2,000 crore." We are confident we can increase this fourfold by 2030. "The goal is Rs 8,000 crore," he stated.

The growth strategy highlights IKEA's enduring faith in the Indian market, which the company considers one of its primary global growth drivers.

As per Antoni, IKEA intends to enhance its sourcing volumes from India twofold in the upcoming three to four years, fueled by greater exports and rising domestic demand linked to store expansion.

"The goal is to double the sourced volumes in India within the next three to four years," he stated.

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In 2013, the government sanctioned a Rs 10,500 crore FDI plan by Ikea to create 10 stores with supporting infrastructure over a decade. It aimed to launch an additional 15 stores.

Currently, 100 percent foreign direct investment is allowed in single-brand retail trading via the automatic route.

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IKEA has previously put money into creating extensive mixed-use areas in Noida and Gurugram, a solar energy facility in Rajasthan, a global capability center, and sourcing operations within the nation.