My dollar has one price for everything, from American cosmetics to Chinese toys. And Future Capital's Kishore Biyani seems to love it. His private equity arm might buy upto 30% in this discount chain.
Here, everything costs 99 rupees. And Kishore Biyani apparently wants to buy, not a few goodies, but a part of the chain.
Sources tell CNBC-TV18, Future Capital's private equity arm, Indivision Capital is about to pick up between 26-30% in the master franchisee of My Dollar stores in India, Sankalp Value Retail Stores. The initial investment might be Rs 20-40 crore. But Future Capital and Sankalp Value Retail, are tight-lipped.
My Dollar has 47 stores in 30 ciities and US-based Rex Mehta, the founder of this USD 50 million company, wants to boost that presence. Indivision's investments in Sankalp might help.
Rex Mehta, CEO and Founder, Dollarstore Corporation said, “We are going to open 200 stores in the next 2-3 years. In 4-5 years, we should have 500 stores.”
The store stocks 15 product categories ranging from beauty to food and artifacts. The mechandise on the shelves keeps changing, depending on direct imports from the US and China. That keeps customers happy because it means new goods for every visit. And now, with the rupee's rise against the dollar, Mehta must be happy too.
Source: Money Control