Mobile magic to forey south in a big way

Bangalore, Aug 17: The Nagpur-based mobile phone retailer Mobile Magic plans to enter South in a big way aiming 250 stores in the region by 2009.

The multibrand, multi services provider, so far present predominently in tier II and tier III cities of six states across the country with 60 outlets will start its Southern odessey with four outlets in Bangalore, starting tomorrow. The number in the city will multiply to 20 by March next year, Company Co-founder Vivek Palad told newspersons here today.

Mobile Magic which had a turnover of Rs 12 crore last year had so far invested one million dollar since 2004. It was holding talks with couple of venture capitalists for another two million dollars.

According to its President Nilesh Garg, the company would float an IPO in 2009.

The chain of mobile phone outlets would be fully based on franchise models and Mobile Magic would offer training to youths in handling simple repairs to mobile phones at its institute in Nagpur.

Besides, the company had also firmed up few licences to offer value-added applications and downloads through its retail chains, Mr Garg said.

Mr Palad said the company was aiming to become a 1,000 unit chain organised retailer by 2010 with a turnover of around Rs 2,000 crore.

Mobile Magic was already present in Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Chhattisgarh and Madhya Pradesh. Recent floods in Bihar had delayed the launch in that state, Mr Palad added.

UNI