Pharmaceutical retail chain, Wellness Forever, has raised Rs 20 crore from a group of high net worth individuals (HNIs) as it eyes expansion. It envisages expanding to 120 stores in the next one year, from its present strength of 70.
Wellness Forever, which has its presence across Mumbai and Pune, expects to raise another Rs 100 crore in private equity funding later this year.
The chain's outlets are typically 1,000-1,200 sq ft in size, where it also stocks wellness and FMCG products besides medicines.
Wellness Forever will now also open stores on a franchisee basis, with a target of 1,000 stores in all, in the next five-seven years. Around 65 per cent of these will be under franchisee model, with immediate expansion plans in Karnataka and Goa besides more stores in Maharashtra.
More Project Info:
Retail Outlets Project