Bengaluru-based mobile phone company Sangeetha Mobiles is planning to raise Rs 1 billion from private equity firms to expand operations. The company seeks to expand the franchise to new markets outside South India. The funds raised will be majorly used for store expansion and enhancement of online and after-sales service. The company intends to increase its store count from 300 to 1000 by end 2015.
In addition, the company has set a target to improve its revenues by 40 per cent from Rs 8.2 billion in 2013-14 to Rs 12.0 billion in 2014-15. The sale of mobile phones in the country has been fast growing with the sale of 226 million handsets in 2013 which are predicted to double by end 2014.
