India-based- Nandani Creation Limited has hinted expansion plans to meet growing consumer demands. For the same, the company is likely to set up nearly 20 to 25 retail stores by 2023. Additionally, the firm will hire over 150 individuals to facilitate logistics, sales, and supply chain.
According to a statement by the company, Nandani Creations has reserved approximately US$4.2 million to US$5million (INR 42 lakhs to 50 lakhs) per store to facilitate this expansion.
The statement further mentioned that for the fiscal year of 2021 to 2022, major cities of Rajasthan such as Sikar, Jodhpur, Bhilwara, Kota, Neemrana, Ganganagar, Alwar, and Udaipur have been decided for the company’s expansion plans.
And for FY 2022 to 2023, Nandani Creation is seeking to initiate expansion in big cities like Gurgaon, Indore, Delhi, and Pune which will be a franchisee. For this, the company will take nearly 37500 sq. ft on lease to open new stores.
Citing reports, the company is also making a move to the Main Board of the National Stock Exchange from the Small and Medium Enterprises category of NSE. Once the transition is made, the JaipurKurti.com brand is planning to raise high funds. Post the funding round, Nandani Creation Limited has also set a sales target of INR 100 crores to INR 150 crores per year by the year 2022 to 2023.
In addition to the above, new categories for the promotion of local artisans and India are being included in the expansion plans of the company.
Anuj Mundhra, Chairman and Managing Director of Nandani Creation Limited, was reportedly quoted stating that the expansion aims at reaching out to a wider audience, offering them the best of the products. Buyers in major cities like Indore, Pune, Gurgaon, and Delhi will also witness retail store establishments of JaipurKurti.com in their cities.