The funds will be used to finance the roll-out First Choice's chain of 300 owned and franchises outlets across the country. The company plans to have sales of about 100,000 units through the expansion in the next five years.
Vinay Sanghi, CEO, FirstChoice Wheels, added, "We are targeting 100,000 vehicle sales per annum by 2013. With this funding, we will increase our reach to over 300 outlets. This will include 30 franchise super stores, each of which will have a stock of over 200 cars on display."
The pre-owned car market which currently stands at 1.5 million cars per year is expected to grow exponentially in the coming years given the increasing disposable incomes of Indian families. The industry itself is expected to reach a size of 50,000 crore in the next 5 years, a company release stated.