Date:18/08/2007 URL: http://www.thehindubusinessline.com/2007/08/18/stories/2007081852510400.htm

Back Mobile Magic to set up 1,000 stores by ’10

Our Bureau

Bangalore, Aug 17 TheNagpur-based franchisee chain Mobile Magic India is planning to set up1,000 stores across India by the end of the decade. Around 11 brands of handsets as well as accessories, applications, ringtones and games are sold at its 60 stores.

By 2009, 250 stores will be set up in southern India, with Bangalore the hub for operations, targeting Rs 10,000 crore in the region.

The firm has ex-Nokia heads Mr Sunil Dutt and Mr Sanjeev Sharma on its advisory panel. It has invested $1 million and is approaching venture capitalists to raise more funding. It had a turnover of Rs 12 crore for the year ended March 31, 2007, and expects to go public by end of 2009.

The company will be positioned predominantly in tier 2 and 3 cities