Milkshakes brand Keventers is looking at doubling its retail footprint to 300 outlets by end of this fiscal as it undergoes a rapid expansion in India and overseas.
According to a PTI report: The company, which runs over 150 Keventers outlets in India, recently forayed overseas with a store in Dubai.
“We are looking at operating 300 outlets in India and abroad by the end of this financial year. UAE is our first international destination and we foresee great potential for a heritage brand such as Keventers. In the coming year, we look forward to expand exponentially,” CEO and Director, Keventers, Sohrab Sitaram told PTI.
The company has planned to enter several international markets such as Qatar, Kuwait, Saudi Arabia, Oman, Maldives, Sri Lanka and countries in Africa this fiscal and by mid of the next fiscal year.
The brand’s outlets in the country are a mix of company-owned, franchised outlets and joint ventures. It plans to expand overseas through joint venture agreements.
Keventers, a privately held company was first established in 1922 by Edward Keventers. It was then acquired by Ram Krishna Dalmia in 1940. The brand was then revived in 2015 by Agastya Dalmia, Aman Arora and Sohrab Sitaram.
“After reviving the brand in 2015, the real thrust on expansion came in the financial year 2015-16. In the last one and half years, we have opened over 150 outlets and 60 more are in the pipeline in this fiscal,” he was further quoted by PTI as saying.
When asked if the company is looking at raising funds in the near future to support its rapid expansion plans, Sitaram told PTI: “No, we are not looking at raising funds through equity dilution. So far we have been self funded and used internal accruals to expand. Going forward, if needed we may look at debt options.”
Keventers is looking at closing the year with a revenue of Rs 60 crore.
The company has forayed into Dubai with 30 products in its menu.