V-Bazaar aims at Rs 5 bn turnover by 2020

Fashion and apparels retailer V-Bazaar is aiming at a turnover of Rs 500 crore by 2020 on the back of its expansion in Uttar Pradesh and Bihar, a top company official said.

The company, which started its retail operations in May 2016, is aiming to add 15 stores to the current 20 stores in Uttar Pradesh as part of its expansion strategy, V-Bazaar Retail CMD Hemant Agarwal told a press conference here.

"We plan to add around 30 more stores by 2020 and take our store count to 50 in Uttar Pradesh by the end of FY 2019-20," he said.

The company will invest nearly Rs 450 million to add 23 new stores in tier-II, III and other untapped areas of Uttar Pradesh, he said.

Apart from Uttar Pradesh the group plans to open more stores in Bihar and enter Jharkhand this year, he added.