Godrej & Boyce, the flagship company of the Godrej Group on Tuesday announced that its interior and furniture business, Godrej Interio, will generate ₹2,500 crore in revenue by the end of FY23. The company is targeting to increase revenue by 30 per cent in the next fiscal.

“We intend to boost our own D2C e-commerce channel by expanding deliveries to 1,500 PIN codes and improving the delivery backend,” said a release.

Store expansion

The company is growing at a CAGR of close to 20 per cent for B2C products, 20 per cent for B2B products and an overall growth rate accruing up to 20 per cent. “Through our greater reach via expansion in e-commerce and retail stores, we plan to focus on hybrid work and multifunctional furniture offerings in addition to the regular home furniture,” it added. To provide more accessibility to clients over a wider territory, Godrej Interio will expand up to 100 outlets throughout India in tier-1, -2 and -3 towns in FY24.

Additionally, the company plans to leverage digital tools and technologies to create more engaging experiences for its customers in order to improve the furniture buying experience. Swapneel Nagarkar, Senior Vice President & Business Head, Godrej Interio, said, “Along with stepping up our online presence, we’ll keep growing our offline retail presence. Given that furniture is a touch-and-feel category, we observed that many customers purchased the item from our stores after researching it online, so we enhanced our use of digital technology to assist them in making a purchase they would be delighted with.”

The company plans to increase market penetration and to serve tier-2, -3 cities. Additionally, it also plans to invest ₹150 crore over the next 1-2 years in upgrading the best-in-class technology and machinery for manufacturing all different types of furniture.

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