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BANGALORE: Mobile retailer UniverCell plans to open 100 new stores in south India by the end of September and is also looking for a pan-India presence, a top company executive said on Saturday.

The Chennai-headquartered firm currently has 49 stores in Tamil Nadu and Puducherry. It opened seven stores in Bangalore today. "We propose to ramp it (the number of stores) up to 300 in 2008-09 in a pan-India initiative," Mr Sathish Babu, Founder of th e company said here.

The company, which offers mobile phones, accessories and connections, plans to have 40 stores each in Karnataka and Andhra Pradesh and 10 in Kerala, he added.

UniverCell clocked a turnover of Rs 120 crore in 2006-07, and aims to achieve a revenue of Rs 700 crore in the current financial year.

Mr Babu also said the company is in a dialogue with private equity players to raise Rs 50 crore and the deal is expected to be through by January. He said the company is looking to unveil the franchisee model in September next year. -PTI

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