Gurgaon-based Garg to use Series A Rs.25cr to open 20 stores
Gurgaon’s Planify Capital Platform says its recent investment in Bazar India’s Rs.25 crore Series A funding will give a great opportunity to make excellent returns on their investments as the company plans to open 20 more stores in states such as Uttar Pradesh, Bihar, Jharkhand, Orissa and South India.
“Bazar India is poised to be one of the most prominent players in the retail segment in North East India. Early investors will have a great opportunity to make excellent returns on their investments,” Rajesh Singla, CEO of Planify Capital, said on 31 Dec 2021, supporting Bazar India’s Series A funding.
“The funds raised will be used for the company’s expansionary purposes as the company plans to open 20 more stores in states such as Uttar Pradesh, Bihar, Jharkhand, Orissa and South India. The company is expected to reach a top line of Rs.1,000 crore with a PAT of Rs.70 crore in five years,” elaborated Atul Garg, CEO of Bazar India of Gurgaon.
Planify is a fintech startup that focuses on building India’s first marketplace for private equity. Planify offers stocks that are not yet listed to investors (Angel, Accredited Investors, VC, AIF, and PE Funds) so that the exchange of hands can become easy in unlisted companies.
It aims to solve problems of the availability of IPO stocks to investors with its flagship product, Private Boutique. Startups and private companies can raise funds on their platform.
Bazar India has a PAN India presence with 55 stores in 51 cities and 13 states, providing a content-led lifestyle retail experience to its customers. Its retail chain offers a wide range of apparel and general merchandise at competitive prices and in the latest fashion, making it a popular destination for “under-served” India.
Bazar India motto “Fashion ke saath bachat bhi” can be truly identified from their range and the value of product portfolio they maintain all across their stores.
Bazar India operates as “One Stop Shop” caters to the complete fashion needs of the entire family at most affordable prices. Furthermore, the company has a strong presence in Northeast India, making it the top brand in the value segment. The company has a strong base of more than 4,500 employees.
The management of the company believes that the organisation has strength to spread its wings across India with a capacity to escalate its chain upto 1000 stores in the next year, and the company plans to increase its value-added by launching new products along with its own brand, which will create employment opportunities for many people.
The company earned a net profit after tax of Rs.1.8 crore with a revenue of Rs.180 crore during FY21 despite facing COVID-19 lockdown and restrictions. The company is valued at Rs.750 crores at the moment. fiinews.com
