172@29@17@140!~!172@29@0@53!~!|news|business|companies|-2097505.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Watch experts decode 'The rise of ESG investing' on October 29 at 4pm. Register Now!
Last Updated : Aug 17, 2011 05:48 PM IST | Source: PTI

Express Retail enters home delivery format with 'Day2Day'

Express Retail Services Ltd that operates the 'Big Apple' chain of food and grocery stores in Delhi and NCR, today said it has forayed into home delivery format under 'Day2Day' brand.


Express Retail Services Ltd that operates the 'Big Apple' chain of food and grocery stores in Delhi and NCR, today said it has forayed into home delivery format under 'Day2Day' brand.


With the new format, the company is eyeing a customer base of around two lakh families in Delhi and National Capital Region (NCR) in the next 30 months targetting revenues of Rs 400 crore.


"Day2Day will not only cater to the daily food and grocery need of customers, but also provide ancillary services such as home delivery of film DVDs, laundry, pharmacy items and plumbing services," Express Retail Services Pvt Ltd Executive Director and CEO Ananda Murthy P told PTI.


An initial investment of Rs 25 crore will be made in the new format, he added.


Besides launching the new vertical, the company is also expanding network of Big Apple stores with plans to have over 130 stores in the next two years.


"Currently we operate 38 Big Apple stores in Delhi and NCR."The firm would focus on consolidating the existing Big Apple stores till February next year and then move on to further expansion, he added.


"Big Apple store expansion would require an investment of up to Rs 40 crore," he said.


For the year ended March 2011, Express Retail Services' turnover stood at Rs 120 crore, with revenues primarily from the Big Apple stores.


"With all the new initiatives and formats, we are eyeing turnover of Rs 300 crore in 2012-13 fiscal," he said.


The new formats launches and expansion would be funded by internal accrual.

Asked if the company was open to private equity funding, strategic investors or a public listing, Murthy said :"For expansion in Delhi and NCR, we do not need outside funds. However, for a pan India expansion we might consider, but at a later stage."

First Published on Aug 17, 2011 05:23 pm
Sections