Bangalore-based mobile phone retailer Sangeetha Mobile is targeting revenues of Rs 600 crore in the fiscal ending March 31, 2013 as the company is setting up 200 stores in the northern and western markets of the country.
The company had registered revenues of Rs 380 crore in the last fiscal.
"We already have a well-established base of 180 stores in Andhra Pradesh, Tamil Nadu and Karnataka. Now, we have partnered with Franchise India to help us expand to north and western India.
The target is to set up 200 new stores by March next year," Sangeetha Mobiles Managing Director Subhash Chandra L said. The target is Rs 600 crore as Sangeetha expands its retail presence as well as its own line of mobile phones, he said. "To start with, we will have five models -- four Android phones and one feature phone. While the feature phone will be priced at about Rs 1,300, the smartphones will be in the Rs 3,000 range," he added. The company does not expect significant contribution to the business this year from handsets business However, it would be a growth driver in the years ahead, he said. He added that some locations have already been finalised for expansion of retailing business and the cities on target include Delhi, Mumbai and Ahmedabad among others. Apart from the 200 franchise stores, it will add another 50 stores in southern India as well by March 2013. Asked about the proposed investment for expansion, he declined to give specific details, but said the investment in marketing activities will be undertaken by Sangeetha Mobile. "We will also set up company owned and operated stores in Ahmedabad, Mumbai and Delhi as flagship stores, apart from the franchise stores," he added.