Bombay Swadeshi Stores to raise funds

Bombay Swadeshi Stores to raise funds

Bombay Swadeshi Stores Ltd, which runs the gifts and home décor chain, The Bombay Store, is looking at raising seed funding for its latest venture, The Elephant Co., said a senior company executive.

“It is a little premature to talk numbers... The process is on, the thinking is on," he said. “But I would not put too many numbers to it right now." He expects The Elephant Co. to clock sales of Rs3 crore in its first year of operations and thereafter double in revenue in the second year.

The funding will be used to expand the retail footprint through standalone stores, kiosks and shop-in-shop stores. The first standalone store will come up in Ahmedabad, said Dalal.

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Asim Dalal of The Bombay Store talks about his company’s plans to raise funds for its latest venture,The Elephant Company, and how the firm is planning to expand its presence across the country.

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For the quarter ended 30 September, Bombay Swadeshi Stores saw net profit decline by 66.7% to 0.06 crore and sales decline by 15% from Rs4.81 crore to Rs4.09 crore. Bombay Swadeshi dropped 3.49% to Rs29 on the Bombay Stock Exchange, while the Sensex rose 1.17% to 16643.74 points.