Richfeel plans to raise Rs 60 cr

Richfeel plans to raise Rs 60 cr

Richfeel, a leading trichology centre, hair and scalp clinic, is planning to raise around Rs 60 crore soon to fund its expansion plans. The company is also aiming to go public in the next two years to raise around Rs 200 crore.

“Our plan is to raise Rs 60 crore soon to fund our expansion plans. We are not present in Kerala and Chennai currently and our immediate aim will be to set up our clinics in these locations. As far as our retail strategy for the next two years are concerned, we are aiming to increase our clinic count to around 110 in the next two years from 85 currently,” Richfeel founder Apoorva Shah told DH.

The company also plans to set shop overseas. “We plan to open two clinics in Dubai and then further expand to other geographies in the Gulf region including Abu Dhabi and Saudi Arabia,” Shah added.  Promoters, including Apoorva and Sonal Shah currently own 45% in the company.

The rest of the stake is held by BCCL (20%), Fulcrum (20%) and some other investors. According to Shah, the company, which has announced Swwapnil Joshi as a brand ambassador, plans to significantly enhance its revenues, and is also aiming at a retail launch of its personal care products. “Our revenues currently stand at Rs 100 crore and the plan is to double that in the next three years,” Shah said.

“Currently 80% of our revenues are from the trichology segment and 20% is from the personal care segment. We are supplying to over 4,000 salons and our aim is to take it to 20,000 over the next three years. We are also looking at a retail launch of our personal care products once we achieve significant scale,” Shah said, adding that the company will be looking at an initial public offering of around Rs 200-225 crore in 2019.