Poorvika Mobiles, a Chennai-based mobile retail chain, is planning to open 50 stores this fiscal, at an investment of around Rs 20-30 crore. The company also said that it is looking to diversify, for which it may look to raise money from private equity (PE) funds.
Speaking to reporters in Chennai on Friday, N Uvaraj, chief executive officer, Poorvika Mobiles, said the company would like to become a global company and wants to take the brand beyond retailing. “We have a well thought out diversification plan, including a foray into real estate and manufacturing of handsets on our own,” he said.
Kanni Uvaraj, managing director, Poorvika Mobiles P Ltd, added, “We have been getting enquires from PEs, for our present retail expansion, we will stick with our bankers. For future diversification, we may look at PE funds.”
She added, the company is planning to increase the number of its stores by 50 during the present fiscal from the existing 134. “We don’t believe in a franchisee model. So all the stores will be company-owned and investment in these stores would be around Rs 25-30 crore,” she added.
The company clocked around Rs 650 crore last year and has set a target of Rs 1,000 crore during the present fiscal.
The company will soon start acquiring land parcels to get into real estate and it will launch projects in the residential space for a start.
Asked if the company will look at inorganic growth, Uvaraj said “for diversification we may look at it, but not for our retail venture,” she said.