Ambuj Jhunjhunwala, Founder & CEO, MyGrahak Shopping Online Limited said, “MyGrahak is gearing up for the next level of growth.
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MyGrahak.com, the
largest online retailing platform in India selling food, grocery and
household items, today announced planned capital investment of Rs. 17
crore in next 6 months. Founded in December, 2010 by the young
visionary Ambuj Jhunjhunwala, MyGrahak plans for a turnover of Rs. 1,000 crore by 2015. By November, 2012, the total capital invested in MyGrahak would reach Rs. 20 crore. MyGrahak Shopping Online Limited is 100% owned by Ambuj Jhunjhunwala.
Ambuj
Jhunjhunwala, Founder & CEO, MyGrahak Shopping Online Limited said,
“MyGrahak is gearing up for the next level of growth. Our monthly
revenues have crossed Rs.1.25 crore last month and we will break even by
December, 2012.
We believe the stage is now set for more capital infusion. We plan to use the capital to double our warehouse, to improve logistics and supply chain, for a new office premise in Ghitorni and to enhance customer experience.”
“We estimate a capital requirement of another Rs. 30 crore by 2013 and further requirement of Rs. 150
crore by year 2015. We would be considering Private Equity investors
for our next level of capital infusion.” Added, Ambuj Jhunjhunwala.
On
the growth strategy, Ambuj Jhunjhunwala, said, “Catering to unique
needs of expatriates, NRIs and widely travelled professionals, we are
now offering specialty food items from 17 countries. This segment is
quickly evolving within MyGrahak. We have an opportunity to increase our
average bill size by offering all household items to our customers and
now offer electronic appliances, home durables, toys and pet care. We
are carefully adding more categories to position MyGrahak as a family
supermarket.”
On
expansion plans, Ambuj Jhunjhunwala, said, “Right now, we would like
to penetrate the Delhi & NCR market better. We are exploring our
viability in nearby cities in north India. By 2015, we would be
expanding to other cities like Mumbai, Bangalore & Chennai.”
MyGrahak,
now considered among top 10 online shopping sites, recently revamped
website and provided ‘card-on-delivery’ option to customers.
http://www.indiainfoline.com/Markets/News/MyGrahak-to-invest-Rs-170mn-in-six-months/5440726984
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