New Delhi: Pharma retailing major MedPlus plans to invest up to Rs 100 crore to open over 350 stores in Delhi and National Capital Region (NCR), taking its number of outlets to 400 by 2017-end.
"We are looking to set up over 350 additional MedPlus stores in Delhi NCR by end of 2017 with an investment of up to Rs 100 crore. We already have around 40 company stores in the region," MedPlus Health Services Founder and CEO Madukar Gangadi told PTI.
He was speaking on the sidelines of launch of the firm's e-commerce service 'Click.Pick&Save' in the region.
The company will be mainly following the franchise model for Delhi and NCR region though "we may also add 10 to 15 company-owned stores to the ones we already have here," Gangadi added.
When asked how the company plans to fund the expansion, Gangadi said, "It will be a combination of equity, debt and internal accruals. But mainly it will be through equity. We are already in the process of raising money from private equity partners."
The aim is to have around 25 percent of the market share in the region, he added.
On being asked if the company is also mulling at entering the tier II and tier III cities, Gangadi said, "Our aim is to have a pan-India presence and eventually we plan to enter these cities."
Launched in 2006, MedPlus currently has over 1,260 outlets across 12 states and serves more than 2 lakh customers daily.