- July 10, 2017 / 2 min readThe company is also planning to open stores outside India by next year through franchise route
Cafe chain, The Chocolate Room is looking to raise Rs 100 crore from venture capitalists this year as it eyes doubling its footprint to 500 outlets by 2020.
The company is also planning to open stores outside India by next year through franchise route.
Chaitanya Kumar , Co-founder & CMD, The Chocolate Room, told PTI, "We are looking at raising Rs 100 crore to fund our expansion. We will also use funds in brand marketing. We have already begun talks to raise funds."
Kumar said, "The Chocolate Room, which reported turnover of Rs 100 crore in the previous fiscal, is eyeing up to Rs 300 crore by fiscal 2020."
Vikas Punjabi, Co-founder & MD, The Chocolate Room, said, "After opening our first outlet in 2007, we started expansion by opening outlets in tier II and tier III cities. Now, our major openings will be in bigger cities."
The company is also launching its first chocolate factory in Ahmedabad this year with production capacity of 100 tonnes.
Chaitanya Kumar said, "We will also looking at opening factory in Hyderabad at a later stage."
Punjabi said, "Going forward, the company also intends to get into retailing chocolates through its outlets and modern trade outlets."
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