Firefox Bikes eyes 40% revenue growth, 40 outlets by Mar '09

New Delhi, Sept 10 (UNI) Domestic high-end bicycle firm Firefox Bikes Pvt Ltd today said it targets a revenue growth of about 40 per cent and take the number of its outlets to 40 by this fiscal-end.

''We target to grow about 30 per cent in this fiscal with our wide range of models,'' company Managing Director Shiv Inder Singh told reporters here.

The Noida-based company had clocked Rs 8.5 crore revenue in the last fiscal and aims to increase it to Rs 12 crore during the current fiscal.

Incorporated in 2004, the company currently sells about 1,200-1,500 bicycle a month and will open four more outlets to increase its tally to 40 by the end of this fiscal.

''One will be in West Delhi, while Coimbatore, Hyderabad and Bangalore each will get one outlet,'' he said.

The company had introduced a Rs 1.70 lakh high-tech bicycle at the Auto Expo 2008.

He said the Commonwealth Games will bring along good business for the industry which sells 1.2 crores units annually.

The company sells 40 models of its own and 12 models of UK-based Trek, for which it is the sole distributor in the country.

Due to increasing retail space prices, the company also plans to phase out the models which are ''not doing well'' and in place will introduce newer models, he said.

UNI MP SR KP1711