The Hindu Business Line : MobileNXT to raise $10 m for expansion

MobileNXT Teleservices plans to raise $10 million by the year-end to fund its expansion plans spread over five years. The company, which aims to achieve a turnover of Rs 380 crore in the next three years, had tapped the angel investors to launch its concept store in March. It has, however, not finalised the source for raising the second round of funding yet.

The company, with 31 stores, hopes to achieve a turnover of Rs 48 crore by the current financial year.

Addressing a press conference here, Mr Vijay N. Menon, founder, said MobileNXT plans to set up 170 stores by 2008. While it chose to launch its one-stop shops in tier-two cities, the company would also be entering metros soon. Besides vending handsets, the outlets also market accessories and with a special kiosk, provides facilities to its customers to download value-added services such as ring tones, music, songs.

Loyalty certificate

MobileNXT has also introduced a customer loyalty certificate scheme that would earn them points for encashing them for upgrading the handset at its exchange counters.

While the retail chain would enable customers to access different brands of mobile handsets from one store, it also helps them preview the new launches before they hit the market.

`Virtual store'

MobileNXT has also opened a `virtual store' for corporates. Six such stores had been opened initially in the Motorola offices in Bangalore, Hyderabad, Mumbai and Gurgaon promoting only Motorola brands. The virtual stores, providing both offline and online services to its customers, would be replicated for other non-telecom corporates soon, said Mr Romy Juneja, co-founder and COO of MobileNXT.

Mr Menon also announced the company's tie-up with Shopper's Stop outlets for MobileNXT to expand its reach.

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