Sangeeta Mobiles to promote 20% to PE in a yr

Bangalore-based multi-brand cellular handset retailing firm Sangeeta Mobiles is exploring choices to scale back the fairness within the family-owned agency by as much as 20% in personal fairness (PE) funds over the following 12 months.

“We already have the contact with the bankers. Sangeeta Mobiles Managing Director L. “Discussions are on, we’re but to take a remaining name,” mentioned Subhash Chandra. He mentioned the funds raised by way of the PE placement could be used to broaden the corporate’s operations in neighboring Sri Lanka and Bangladesh.

Sangeeta Mobiles, which has 222 retailers primarily within the southern a part of the nation, at this time introduced its foray into the northern market by opening two shops by way of the franchise mannequin. That is the primary time the corporate has taken the franchise route.

Chandra mentioned the corporate will open 130 new retailers by March 2014 and goals to cross Rs 1,000 crore in income by that point. It has generated income of Rs 540 crore within the final monetary yr and bought round 1 lakh cellphones each month by which Nokia had the utmost share.

Sangeeta Mobiles is planning to open 30 new shops in North India in Delhi, Haryana and Uttar Pradesh. It gives free choose and drop service for repairs together with lifetime guarantee, stand by handset and theft insurance coverage on all handsets bought from its retailer.

To counter the quick rising e-commerce retailing, the promoters of Sangeeta Mobiles have lately began on-line sale of handsets by way of Nonetheless, it is not going to compete with established on-line retailers with aggressive pricing, he mentioned.

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