Cocoberry, the first Indian premium yogurt chain, is in expansion mode.
After marking its footprints in the metropolitan cities since its launch in February 2009, the company plans to expand into Tier II and Tier III cities.
Managing Director of the company, G S Bhalla, said that an investment of over Rs 100 crore had been earmarked for the expansion that would help the brand penetrate into most of the towns in India. The funds would also be utilised to spread its wings in the overseas market. The funds would be mobilised through debt and internal accruals.
Bhalla said that the growing health awareness about low calorie diet among Indians helped them expand at a fast pace. The company has 12 outlets and it plans to open 50 outlets by March 2011.
Bhalla added that north of Delhi would remain the focus of the retail operations and 60 per cent of the new stores would be opened in Delhi, Punjab and Haryana.
Cocoberry has its processing facility in Gurgaon.
The company may set up another processing unit in Himachal Pradesh as the state offers incentives to the food processing units. According to Bhalla only 5 per cent of Indians eat out as compared to 40 per cent-50 per cent people in developed countries, so there is a tremendous potential for food chains. The eating business was also a recession-proof business, he added.