Sangeetha Mobiles eyes over Rs 1,000 cr revenue

| Updated on: Aug 08, 2013

Multi-brand mobile retailer Sangeetha Mobiles plans to open 130 new outlets by March 2014 with an aim to double its turnover to over Rs 1,000 crore in this financial year.

“We have plan to increase our mobile stores from 220 at present to around 350 by end of this fiscal. As we speak we are heading towards Rs 900 crore revenue and we are confident to cross Rs 1,000 crore by end of financial year 2014,” Sangeetha Mobiles Managing Director L Subhash Chandra said here.

He said that his firm posted revenue of Rs 540 crore in last fiscal and sold around 1 lakh mobile phones every month in which Nokia had maximum share.

In response to queries, Chandra said that Sangeetha Mobiles is looking for expansion in neighbouring countries namely Sri Lanka and Bangladesh for which it may dilute around 20 per cent stake to raise funds.

The company operates 220 mobile retail stores predominately in southern states and today announced its entry in to North India starting from two franchisee stores in Delhi NCR at Mayur Vihar and Indirapuram.

The mobile phone retail chain is looking to open 30 new stores in North India across Delhi, Haryana and Uttar Pradesh.

Chandra said that Sangeetha provides life time warranty across on all handsets sold by its stores, free pick and drop service for repairs with stand by handsets and theft insurance.

“We were providing insurance cover for phones damaged physically and by liquid but have put them at back burner for some time. The cover for damage by liquid will again start in next three months,” Chandra said.

Sangeetha plans to hire 500 people to support expansion of business.

The family-owned firm started in 1974 with retailing of gramophone. It switched to selling mobile devices in 1997 with Nokia handsets.

Published on August 08, 2013

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