“We plan to start operations in 7-10 more cities in India,” Nirula’s Chief Executive Officer and Managing Director Samir Kuckreja said in Mumbai.
“We already have operations in seven cities. By end-this fiscal, we will have our footprint in 15-20 cities across the country,” he said.
Nirula’s will add another 125 shops in different formats this year to take its total tally to 200, Kuckreja said.
“This year, we will open 80 Metro Express Outlets in Delhi and 20 more ice-cream parlours along with other formats to take the tally to 200,” he said.
“We will have a combination of all these. Moreover, we have a successful franchise model and money will be raised in that way as well. We are giving franchises not in a shop-to-shop model, but either region-wise or state-wise,” he said.
Malaysia-based private equity firm, Navis Capital Partners, which is a major stake holder in Nirula’s, will infuse equity for expansion, he said.
The company does not have any plans for an IPO soon, he said, adding, “The PE firm has invested for the long-term.”