Tata Starbucks, a 50:50 joint venture between coffee store chain Starbucks and Tata Global Beverages, is opening 24 stores across cities in India to take the total number of stores to 115 by the end of this fiscal, an official said here on Tuesday.
The coffee store chain is also ‘pleased’ with its revenue growth in India.
“We are pleased with the growth in our topline this fiscal and it has improved over the last year’s space (of growth). Our profitability has also improved,” company’s Chief Executive Officer Sumitro Ghosh told reporters here after launching its first store in the city at Park Street.
Two more stores in Kolkata will be in South City mall and Acropolis mall.
After entering the Indian market in 2012, Starbucks has found India to be the fastest growing market in the first five years of operations.
“We are opening 24 stores, including three in Kolkata, in the current year ending March to take the total number of stores to 115. We hope to open more than 24 stores in the next fiscal. In the first five years, there are no other markets that have grown faster than India,” he said, adding that the company is looking at malls, high street markets to open its stores.
With the increasing consumption of coffee in India, almost every player is witnessing a growth in their businesses, he said.
Asked about the plan to open stores in smaller cities, he said: “We are evaluating the next city where we can open new stores.”
The company, which had introduced Teavana brand in India, currently operates 113 stores across seven cities like Mumbai, Delhi, Bengaluru, Pune, Chennai, Hyderabad.
It has the maximum number of stores in Mumbai at 43, followed by Delhi.