Loot to raise Rs 100 cr to support growth plans

Discount store chain The Loot today said it is in the process of raising Rs 100 crore to support its growth plans.

The company aims to raise Rs 100 crore partly through bank loans and a host of private equity players over the next 2-3 years, The Loot Managing Director Jay Gupta told PTI here.

The company has already raised Rs 30 crore from a host of banks, which include the State Bank and Small Industries Development Bank of India and is also talking to a host of PE players to secure the remaining amount, Gupta said.

The company, which recently forayed into the shop-in-shop format, plans to open 10 more such stores this quarter and is talking to players like Reliance Retail, Aditya Birla and Future Group among others for this.

Out of the 10 stores, five would come up in Mumbai, Gupta said. It opened the first shop-in-shop in a tie-up with state-owned Sahakari Bhandar (co-operative store) recently.

The Loot, a part of city-based Jay Retailing and Merchandising, clocked a turnover of Rs 110 crore in the fiscal ended March 31 and expects to take the figure to Rs 150 crore in FY11, Gupta said.

Over the next six months, Loot plans to open 40 more standalone stores taking their total number, including the ones in shop-in-shop format, to 200. Currently, it has 150 odd stores pan-India.