Big C invests Rs 125 crore to open 250 outlets in two years, mulls IPO after FY24

#Big C, #IPO, #Mahesh Babu, #mobile handset

Representative image

Mobile handset, electronics retailer Big C on Friday said it will be investing Rs 125 crore in the next two years to open 250 new outlets focusing on tier four and five cities. The retail chain has roped in Telugu superstar Mahesh Babu as the new brand ambassador, a press release said on Friday.

“At present, we have stores in the cities with population over 70,000 in Telugu States and Tamil Nadu. Our upcoming 250 stores will come up in cities with 30,000 population or more. We will also open 10 more new stores in Tamil Nadu besides making a foray into the Karnataka market,” Balu Chowdary, Chairman and Managing Director, Big C said.

ALSO READ: Aditya Birla Sun Life AMC IPO opens on September 29, price band fixed at Rs 695-712

Big C will consider tapping capital markets via IPO ( Initial Public Offering) after reaching Rs 2,000 crore turnover in FY24. The company, which enjoys 30 per cent market share in Telangana and Andhra Pradesh, currently employs 2,000 people and is also into online sales, according to the release.

The company is looking at crossing Rs 1,000 crore turnover mark in the current financial year, thus reaching pre-Covid levels and is targeting Rs 1,500 crore in the next fiscal. Big C which opened its first store in Vijayawada in 2002 currently operates 250 stores across Telangana, Andhra Pradesh and Tamil Nadu. The new stores will take its outlet count to 500. The company will invest Rs 50 lakh on each new store which will generate eight to ten jobs, it said.

As a part of its plans to go beyond mobile handset retailing, the company will introduce laptops shortly besides expanding its audio portfolio.

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