Poorvika Mobiles, a Chennai-based cellular retail chain, is planning to open 50 shops this fiscal, at an funding of round Rs 20-30 crore. The corporate additionally mentioned that it’s seeking to diversify, for which it could look to lift cash from non-public fairness (PE) funds.
Talking to reporters in Chennai on Friday, N Uvaraj, chief govt officer, Poorvika Mobiles, mentioned the corporate wish to turn into a world firm and needs to take the model past retailing. “We’ve a properly thought out diversification plan, together with a foray into actual property and manufacturing of handsets on our personal,” he mentioned.
Kanni Uvaraj, managing director, Poorvika Mobiles P Ltd, added, “We’ve been getting enquires from PEs, for our current retail growth, we are going to follow our bankers. For future diversification, we could have a look at PE funds.”
She added, the corporate is planning to extend the variety of its shops by 50 throughout the current fiscal from the prevailing 134. “We don’t consider in a franchisee mannequin. So all of the shops can be company-owned and funding in these shops could be round Rs 25-30 crore,” she added.
The corporate clocked round Rs 650 crore final yr and has set a goal of Rs 1,000 crore throughout the current fiscal.
The corporate will quickly begin buying land parcels to get into actual property and it’ll launch tasks within the residential house for a begin.
Requested if the corporate will have a look at inorganic progress, Uvaraj mentioned “for diversification we could have a look at it, however not for our retail enterprise,” she mentioned.