Rocking Deals Private Ltd, a marketplace in the category of open boxes, excess inventory items & certified refurbished products, has announced plans to set up around 30 new retail outlets in India and is talking to funds to raise ₹50 crore to meet its expansion plans said its founder & CEOYuvraj Aman Singh.
The firm which retails branded products at deep discounts sometimes up to 80 to 90%, currently operates through online and offline mode, with over 90% of the products sold offline.
With more and more people from the hinterland going for branded products at deeply discounted prices, the company said it would expand its network of stores in tier 2 and tier 3 cities.
“Currently we have 50 stores pan India and have finalised plans to set up additionally up to 30 stores during this year. All our stores are huge. Recently we opened a 20,000 sqft store in Hyderabad,” Mr. Singh said.
“Most of the stores will come up through the franchise route and we have plans to have 500 stores in three years from now,” he added.
He said to fund the expansion plans the company has been in talks to raise resources. “Till now we are self-funded. We are in talks with funds to raise ₹50 crore, to begin with at a valuation of ₹1,000 crore,” he said.
He also said the company is also planning to foray into Sri Lanka, Bangladesh, Nepal & Bhutan as affordable branded products are in demand in those countries.
The company is also gearing to start its e-waste management system and home appliance renting facility.
It retails small home appliances, apparels, footwear, speakers, mobile phones & accessories & home improvement items, mostly to youthful who are in search of great deals.