Sangeetha Mobiles eyes Rs 2,000 cr turnover in FY19

Multi-brand retailer of mobile handsets Sangeetha Mobiles expects to close the current financial year with Rs 2,000 crore turnover.

"Our turnover in the last fiscal was Rs 1,500 crore, and we are witnessing 33% growth," Subhash Chandra L, MD of Sangeetha Mobiles, told DH.

Sangeetha, which was established in 1974 as a single shop selling gramaphones, has evolved constantly. Today, the company has about 526 stores, of which 230 stores are in Karnataka alone.

"We will be increasing our store count and in another one year, we will touch 1,000 stores. We are adding one store in every two days. Apart from the South market, we are now present in Ahmedabad and Varanasi. We will be opening stores soon in Maharashtra and Rajasthan," Chandra said, adding, the company was the first one to start EMIs, and an insurance scheme for mobiles.

Sangeetha Mobiles, which is present across nine States, employs over 3,000 people. On Thursday, the company announced the debut of Samsung Galaxy Note9 across its stores.

Galaxy Note9 is priced at Rs 67,900 and Rs 84,900 for 128GB and512 GB variants, respectively, and will be available in three colour variants- Midnight black, Metallic copper and Ocean Blue.

"We have received over 500 bookings for Note9, and we hope to sell 2,000 units of Note9 in a month. There is always a market for high-end phones among tech-savvy young crowed," he said.

Talking about online-first concept, Chandra said except OnePlus, which sells only at its flagship stores, every other brand prefers both online and offline channels to sell their latest models.

In October 2015, Sangeetha started 'Price drop protection scheme', under which if a price of the phone after the purchase drops in 30 days, the difference amount will be reimbursed to customers. "Till August 7, 2018, we reimbursed Rs 15.26 crore to over 1.47 lakh customers," Chandra added.