Groom India Salon & Spa Private limited, a Rs 180-crore company that owns the unisex salon brand Naturals, on Tuesday said it was targeting a Rs 350-crore turnover by opening 3,000 outlets across the country by 2020.
"We have a strong feeling that the franchisee route is the best way to grow our business," said Groom India Salon & Spa co-founder and chief executive officer, CK Kumaravelu.
Meanwhile, the company today signed a pact with Indian Overseas Bank (IOB) to promote women entrepreneurship in the country.
Kumaravelu said IOB will fund up to Rs 25 crore under its Credit Guarantee Fund Trust, which focuses on for micro and small enterprises, to roughly 100 women franchisees identified by the company.
"Depending on the infrastructure and location of the franchisee outlet, which may cost Rs 25-50 lakh, the franchisee would bring in 30 per cent of the required investment, while IOB will fund up to 70 per cent without any collateral," he said.
"A majority of these salons are expected to be up and running before the end of the current financial year," he said.
At present, Naturals has got 240 salons, of which 230 were franchised, focusing mainly on southern states in India.
