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Thursday, June 14, 2012

MyGrahak to invest Rs. 170mn in six months.

Ambuj Jhunjhunwala, Founder & CEO, MyGrahak Shopping Online Limited said, “MyGrahak is gearing up for the next level of growth., the largest online retailing platform in India selling food, grocery and household items, today announced planned capital investment of Rs. 17 crore in next 6 months. Founded in December, 2010 by the young visionary Ambuj Jhunjhunwala, MyGrahak plans for a turnover of Rs. 1,000 crore by 2015. By November, 2012, the total capital invested in MyGrahak would reach Rs. 20 crore. MyGrahak Shopping Online Limited is 100% owned by Ambuj Jhunjhunwala.

Ambuj Jhunjhunwala, Founder & CEO, MyGrahak Shopping Online Limited said, “MyGrahak is gearing up for the next level of growth. Our monthly revenues have crossed Rs.1.25 crore last month and we will break even by December, 2012.

We believe the stage is now set for more capital infusion. We plan to use the capital to double our warehouse, to improve logistics and supply chain, for a new office premise in Ghitorni and to enhance customer experience.”

“We estimate a capital requirement of another Rs. 30 crore by 2013 and further requirement of Rs. 150 crore by year 2015. We would be considering Private Equity investors for our next level of capital infusion.” Added, Ambuj Jhunjhunwala.

On the growth strategy, Ambuj Jhunjhunwala, said, “Catering to unique needs of expatriates, NRIs and widely travelled professionals, we are now offering specialty food items from 17 countries. This segment is quickly evolving within MyGrahak. We have an opportunity to increase our average bill size by offering all household items to our customers and now offer electronic appliances, home durables, toys and pet care. We are carefully adding more categories to position MyGrahak as a family supermarket.”

On expansion plans, Ambuj Jhunjhunwala, said, “Right now, we would like to penetrate the Delhi & NCR market better. We are exploring our viability in nearby cities in north India. By 2015, we would be expanding to other cities like Mumbai, Bangalore & Chennai.”

MyGrahak, now considered among top 10 Online Shopping sites, recently revamped website and provided ‘card-on-delivery’ option to customers.


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