With Indian mobile phone market booming, Bangalore-based MobileNXT Teleservices Private Ltd, a mobile phone retail chain, has proposed to raise $10 million (Rs 46.22 crore) through venture capital (VC) firms to fund its expansion plans. | |
| The company, which commenced its operations in April this year, has opened 13 exclusive outlets in the country, to offer a host of mobile products and services. |
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| "We received an initial funding of $5 million (Rs 23.11 crore) from domestic investors. We are planning to expand in a big way. We intend to raise $10 million by year end to fund expansion plans, which includes opening of new exclusive outlets," MobileNXT Teleservices Private Ltd founder and CEO Vijay Menon told Business Standard. |
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| At present, the firm's exclusive outlets are located in Gurgaon, Mangalore, Ahmedabad, Kolkata, Hyderabad, Mumbai, Hubli and Bangalore. |
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| "We have ventured into three business concepts "� standalone stores, store in stores and virtual stores. MobileNXT will have 31 stores across the country by March 2007 and 170 stores over the next 3 years," he added. |
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| Menon pointed out that MobileNXT will concentrate on clusters like Karnataka, National Capital Region and Gujarat to drive its growth. |
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| "We are targeting revenues worth Rs 48 crore in 2006-07. Our focus will be on tier II and tier III cities in the three clusters. We will also operate through multi-brand operators," he stated. |
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| On Tuesday, the firm launched its store, in association with Shoppers' Stop, in Bangalore. "We have tied up with Shoppers' Stop to open 10 outlets by March 2007. Shoppers' Stop has agreed to include our stores in all their future outlets," Menon said. |
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