Electronics Mart India to Invest 1.2 Billion Rupees in 20 Stores as AI Job Fears Spur Diversification
Updated
Updated · Reuters · Jun 15
Electronics Mart India to Invest 1.2 Billion Rupees in 20 Stores as AI Job Fears Spur Diversification
3 articles · Updated · Reuters · Jun 15
Summary
Electronics Mart India plans to spend about 1.2 billion rupees this financial year to open 20 stores, including up to seven in Kolkata, while expanding further around New Delhi.
The push is meant to reduce reliance on Hyderabad, which generates about 60% of revenue, as management warns any disruption in the IT sector would hit spending at software-heavy neighborhoods.
Around one-fifth of its Hyderabad stores serve areas dominated by software employees, leaving the retailer exposed as AI-driven job-loss concerns build across India’s tech hubs.
Over the next five years, the company aims to add 20 to 25 stores annually, targeting northern markets where retail remains fragmented and growth opportunities are larger.
For the current year, CFO Premchand Devarakonda expects revenue to rise about 15%, supported partly by strong air-conditioner demand during a hotter summer.