V-Bazaar Retail is eyeing Rs. 500 crore revenue in the next three years as the company plans to add 45 new stores in tier II and III cities.

The company will invest between Rs. 75 and 90 crore to open 40 to 45 new stores in tier-II and tier-III cities of Bihar, Jharkhand, Uttar Pradesh, Gujarat, Rajasthan and Uttarakhand, the company in a statement said.

“We would add around 40-45 more stores by 2020 and take our store count to 56-57 by the end of financial year 2019-2020,” retail’s chairman and managing director, Hemant Agarwal said.

“For growth, as a strategy we are focusing on only tier-II and III places,” he said.

At present, V-Bazaar is operating 14 stores in Uttar Pradesh and Bihar and had a revenue of Rs. 44.8 crore in the financial year 2016-17.

“The company would be investing around Rs. 1.75 to Rs. 2 crore in opening one new store and the investment would be through internal accruals,” Agarwal added.

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