Hyderabad: City-based Makers of Milkshakers (MoM), a milkshakes and thickshakes brand, on Wednesday announced expansion plans involving 125 new outlets by the end of 2019, which will take its store count to 200. It will also foray into the US market by opening its outlet in California later this year.
Founded by Rahul Tirumalapragada, MoM opened its first outlet in 2013. Currently, the startup operates 75 outlets in Andhra Pradesh, Telangana, Bengaluru and Chennai. Of them, two are company-owned while remaining are operated through franchisee route.
“We will open 25 new stores this year, taking the number of stores to 100. Our intention is to have 200 stores by the end of 2019. This year, we will set up six new stores in Chennai and 10 in Bengaluru, in addition to entering Pune with 2 outlets,” Rahul told the media here. Each store requires an average investment of Rs 18 lakhs. The company supplies base material and other ingredients sourced from a contract manufacturer.
On the overseas expansion, he said enquiries were received from Australia, Italy, UAE, Singapore, etc. “Our first overseas outlet will come up in California in the US on October 15. However, discussions about opening stores in other countries are on,” he said. The company has 105 varieties of milkshakes on its menu, priced from Rs 140 to Rs 250. It is working on an affordable variant, to be priced at Rs 100, which will be targeted at customers in Tier 2 cities like Warangal. It will opt for smaller store model for Tier 2 cities.
Replying to a query, Rahul said he was open to getting a strategic investor to take the brand to North India where it has no presence. “We closed last financial year with Rs 25 crore in revenues. We are targeting at Rs 40 crore this fiscal. Going by this, we expect a valuation of Rs 150 crore for our company. We opened for even selling majority stake in the company if we get a good deal,” he said.