Mumbai-based engineering technology start-up Entropy Innovation plans to expand its footprint in an additional 11-12 countries in the next 12 months, even as it aims to open 100 stores this year in India. The company, in which iconic global fund manager Mark Mobius has invested and profitably exited, operates under the brand name ‘Express Bike Works’.

Started in 2013 by a team of IIT and IIM alumni, Entropy manufactures automatic motorcycle wash machines. These machines are capable of washing a motorcycle in 2-5 minutes.

“We are now looking to expand into all emerging economies where motorcycles are in use. We are looking at several African countries, South-East Asian countries and a few countries in West Asia, and we would foray into a country with a one or two stores initially,” Entropy Innovation Co-founder Niraj Taksande told BusinessLine .

The company will monitor the performance of these stores, before setting up additional stores in these foreign locales. These are being set up in the franchisee model and the firm will not require any investments by Entropy Innovation, he added.

At present, the company has a presence in five countries - Columbia, Rwanda, Indonesia, Thailand and Nepal - and India, with about 25 stores across the world. The company intends to nearly double its total number of global stores.

Express Bike Works, which has 21 stores in India, is looking at adding three-four more this week and another 100 stores this year.

The company had raised two rounds of funding, with the first round from friends and family and the second saw participation by Mobius along with Ah!Ventures and AdvantEdge Incubator. The total funds raised through the two rounds was not disclosed. Mark Mobius, Executive Chairman of Templeton Emerging Markets and investors in the second round exited in 2016 after a year of staying invested in the company.

Related Topics
comment COMMENT NOW