NEW DELHI: Luxury chocolate brand Smoor is set to open at four new locations in Mumbai and one in Bengaluru by the end of this month or mid February, depending on how the Covid situation unfolds.
In Mumbai, it plans to open in Bandra, Powai, Airport T1, Vashi and Thane and in Bengaluru, it’s set to launch another store in Whitefield, Founder-Director and CEO of Smoor Vimal Sharma informed in an interaction with TNIE.
Detailing about the immediate expansion strategy, Sharma said, in the next six months, the company plans to open about 28 new stores — 15 new locations in Mumbai, five in Delhi, five more in Bengaluru and three in Chennai. The Bengaluru-based start-up entered the Chennai market in the December quarter. “The December quarter in 2021 was strong; we increased the revenue by 2x in the quarter,” Sharma said, adding the business is on track to grow 60% this fiscal year as compared to the last year.
The focus in 2022, he says, is on product development for the online market, which would help them scale faster. “For instance, we have invested in technology that allows us to move the product fast and increase its shelf life.” Sharma says the luxury chocolate market in India is estimated at `3,500 crore and it’s growing 20% year-on-year.
He mentioned the company is in the market to raise Series A funds and is in serious discussion with some prime equity firms. “We expect to be in a position to close this by June this year.” In the next four years, Smoor is looking at a turnover of Rs 500 crore.
The strategy for the brand is to accelerate to wider markets. “Creating online platform and expanding through cloud kitchens would give us acceleration. We also want to accelerate our retail stores through airports,” Sharma said.