Before the Covid-19 pandemic stuck India in 2020, the country’s largest chain of bookstores, Crossword was operating 79 stores in India. Of these, 35 were managed directly by the company, while 44 stores were run by Franchisees.
In a distress sale in 2021, Shoppers Stop sold the business to Agarwal Business House for INR 42 Cr. Back then, Crosword had a negative net worth of INR 46 Cr as on 31 Mar. ‘21.
Crossword has grown to a chain of over 125 stores across 40 cities with a massive pan-India presence and has recenntly gone international as well.
Incidentally, Shoppers Stop and ICICI Ventures had accquired Crossword in 2005 from its Founder, R. Sriram for INR 25 Cr.
Cut to 2025
The company opened its first international stoore in the UAE. The store has come up at Dubai Silicon Oasis’ Silicon Central Mall.
Aakash Gupta, CEO of Crossword Bookstores said, “From one store in 1992 to now 125+ stores across India and now Dubai, our purpose remains the same: to bring the joy of books and the warmth of the Crossword experience to more communities”.
“This opening is not just about a new market — it is about taking Indian retail and culture to the world”, he added.
Editor’s Note
Crossword expects to record INR 400 Cr for FY 25, with its revenues for FY 24-25 being INR 275 Cr.
In a country where e-commerce is slowly but surely becoming mainstream, offline retail in India is now slowing down, rather is becoming just boring.
In a market where several offline retailers across fashion are struggling to drive footfalls, it is in fact incredible that Crossword has not only been able to drive footfalls and revenues but has also trebled its network in the last 4 years.
Discover more from Retail Updates
Subscribe to get the latest posts sent to your email.
