Mobile Magic to set up a thousand stores by 2010
20 Aug 2007
Bangalore: Nagpur-based franchised retail chain brand Mobile Magic India plans to set up 1,000 stores across the country by the end of the decade.
Around 11 brands of handsets, accessories, applications, ring-tones and games are sold at its 60 stores. By 2009, the count will go up by 250 stores, most of which will be set up in southern India, with Bangalore acting as the hub for operations.
The company is targeting Rs10,000 crore in the region.
Mobile Magic has ex-Nokia heads Sunil Dutt and Sanjeev Sharma as part of its advisory panel, and has invested $1 million thus far. It is said to be approaching venture capitalists to raise more funding.
The company's turnover was at Rs12 crore for the previous fiscal, and the firm expects to go public by end of 2009.
The lion's share of the pie for the company comes from tier 2 and tier 3 cities.