Press Trust of India / Mumbai Nov 12, 2009, 11:46 IST
Retail security solutions provider Checkpoint Systems expects to achieve Rs 30 crore revenue in 2009, a top company official said.
"We see a huge growth in this market as the country's shrinkage rate was highest in the world. We have targeted Rs 30 crore revenue in 2009," Checkpoint's Country Head Dharmesh Lamba told PTI here.
The company, which has around 80 per cent share in the global retail securities solutions market, expects its revenues to go up further to Rs 40 crore in 2010, Lamba said.
In 2008, the company achieved a revenue of Rs 25 crore from the sales of its Radiofrequency Electrical Articles Survellience (RSEAS) appliances.
Checkpoint is a wholly-owned arm of US-based Checkpoint Systems, which is engaged in the manufacturing and marketing of identification and tracking solutions for the retail industry.
The firm, along with a UK-based research agency, have found that the Indian retail industry topped the retail shrinkage rate at 3.2 per cent of sales, meaning it lost Rs 12,000 crore from shoplifting, employee theft and process failures.
The company that entered Indian market in 2002 has client like like Pantaloon, Aditya Birla Retail among others.
The company also plans to venture into mini metros and other Tier II and III cities next year, Lamba said.
"We are planning to enter the small cities and towns and are in talks with several distributors in this regard," he added.
Currently, Checkpoint has an unit in Navi Mumbai that makes Tags — a security device used to prevent theft of garments.
Lamba said if the demand for RSEAS appliances increases, the would plan to set up another manufacturing unit here.
The security devices range something between Rs 75,000-1,80,000.
Checkpoint did not have any immediate fund raising plans, including tapping the capital market, as it is well capitalised, Lamba said.
"We have no IPO plans for another four to five years," he said.
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