New Delhi: Kidswear firm 612 League is looking to raise up to Rs100 crore over next 6-12 months as part of its strategy to clock a turnover of Rs300 crore by 2021 and take leadership position in the market.
“We will initiate the process of fundraising...we would need funds to support our expansion plans... We are looking at raising Rs50-100 crore in the next six months to one-year timeframe,” Manu Indrayan, founder and chief executive of 612 League said. The brand had in 2014 raised Rs50 crore from private equity firm ASK Pravi.
“We’re looking at Rs300 crore turnover by 2021. We are aiming at leadership position in the kidswear segment,” said Indrayan. 612 League reported a turnover of Rs100 crore in 2015-16.
Elaborating on his expansion plans, Indrayan said, “In the first phase of growth, we were selling through multibrand retailers. We are now focusing on opening exclusive brand outlets. We are looking at opening 200 stores in four years.”
At present, 612 League sells its products through 48 exclusive brand outlets and 450 points of sale across the country. “We will also increase our points of sale to 800 in four years,” Indrayan added.
The company is expanding its product portfolio by adding categories such as ethnic wear, accessories and shoes. It also seeks to increase the contribution of online sales to 15% in three years from current 9%.