Bangalore-based Manipal Group will make its foray into the healthcare retail business with the launch its pilot brand Cure & Care. The company will roll out its first speciality outlet under the brand Cure & Care in Ahmedabad on August 3. It will also open a new outlet in the next two months’ time in Bangalore. The company plans to have 50 outlets across the country in the next 4-5 years.
“The wellness sector, untapped in India, is tipped to be a $1 trillion industry by 2010. We expect to arrive at a turnover of Rs 500 crore from this business alone in the next 4-5 years. The company will invest Rs 250-260 crore in this period for retail expansion,” Somnath Das, COO, Manipal Group, told Indiaretailing.
The company plans to have 10 stores operational in tier I and II cities like NCR, Mumbai, Pune, Hyderabad, Bangalore and Ahmedabad by the end of this fiscal. This year, the targeted turnover is Rs 50-60 crore. “The second half of the year has already begun, but we are anticipating revenue to the tune of Rs 50-60 crore in this fiscal,” informed SR Ramesh, finance controller, Cure & Care.
“In the third year, we have a target of opening 100-200 franchisee stores. In the 4th year, we may even look for our first set of private equity investments just to bring some kind of spice to the business,” Das added. The company also plans to open Cure & Care branded outlets in Southeast Asia in 4-5 years’ time.
Manipal’s boutique-style, doctor-driven products and services will cover specialities like paediatrics, women’s health, lifestyle problems, nutrition, and eye, skin and oral care. It will also cover immunisation, radiology and lab medicine, besides offering insurance products of ICICI Lombard and ICICI Prudential.
Yoga and ayurveda, home delivery, loyalty bonus, and travel and home kits of OTC medicine are also offered to customers. Currently, the company’s model will be to establish standalone outlets.
Apart from promising to provide service in 45 minutes flat, the company will also launch a new concept every 180 days. Customer charters will be put up at every store in order to match their expectations with performance.
Each of the planned outlets will have 70 trained professionals and the huge manpower requirement in the coming years will be filled in partly by Manipal’s medical education institutions.
– Vishnu Rageev R, Bangalore Bureau