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After establishing itself in southern India market, Banglore-based mobile phone retailer, Sangeetha is now targeting Northern region. The company has plans to expand footprint with 500 new stores in the North by the end of March 31, 2015. Overall it has plans to take its multi brand retail presence to over 1000 stores by the end of next fiscal from 300 stores at present.
Speaking to Business Standard, Sangeetha Mobiles(P) Ltd, managing director, L Subhash Chandra said, "Currently, we have a footprint of 300 stores spread across the states of Karnataka, Andhra Pradesh, Tamil Nadu, Puduchery, Delhi and Uttar Pradesh.
We have ambitious plan to be the largest mobile retail chain with over 1000 stores across India by March 2015. Out of the total new stores which are in offing, 500 would be in Northern region and will be run on a unique franchise model while 200 would be in Southern Region."
On being asked the finances, he added, "At present it is closely held company and in near future we are looking to raise Rs. 100 crore through private equity fund. We are having talks with various equity funds but it is on preliminary stage." With aggressive expansion undertaken by the company in the current fiscal, the company expects to touch Rs. 950 crore-1000 crore as turnover in the current fiscal.
Meanwhile, it inaugurated three stores, including one each in Chandigarh, Mohali and Zirakpur in Punjab while another store would be inaugurated in Ludhiana on Saturday.
He added, "Over the years, we have always taken a consumer-first strategy that has helped us establish ourselves as leaders in South India with over 10 million happy customers. We have established ourself as a trusted name in mobile retailing through its keen consumer understanding and offers that have always been ahead of the times, which is why we are the most preferred destination in the south of India for smart mobile phones, accessories and gadgets We now look forward to taking our best practices and customer centric solutions to new markets in the North of India."
Sangeetha Mobiles Pvt. Ltd is a Rs. 1000 crore enterprise that ventured into mobile retailing in 1996. Since then it has partnered with all leading OEMs in the market, having served over ten million happy customers. It currently has a footprint of 300 stores spread across the states of Karnataka, Andhra Pradesh, Tamil Nadu, Puduchery, Delhi and Uttar Pradesh. In Karnataka alone, where the journey started, Sangeetha has a dominant presence through 130+ stores.
