New Delhi: MobileNXT Tele-services, a mobile retail chain announced that Network18 group, a fast growing media company would be a strategic-cum-financial investor, making it a unique tie up between a media power house and mobile retail chain.
Avendus Advisors are the investment banker and advisor for the project. The funds will be used for the company’s next phase of expansion where it plans to roll out 100 stores in multiple formats across different cities in India with a strong focus on Tier II and Tier III cities over the next one year.
By 2010 the company aims to have 500 stores on the ground. Romy Juneja, COO, MobileNXT said, “This association will benefit our clientele and provide value based consumer experience to an expanding market.”
Vijay Menon CEO and co-founder, MobileNXT added, “Our association with Network18 group will help us offer an international consumer experience.”