It will foray into international market by opening its first outlet in California next month.
Hyderabad-based startup Makers of Milkshake has announced plans to expand the franchise chain to 200 by 2020 by entering into the international market. The startup currently operates 75 outlets.
It will foray into the international market by opening its first outlet in California next month. The firm is in further talks with a few prospective partners in Italy, Dubai, Singapore and Australia for franchise outlets.
Rahul Tirumalapragada, the company’s Chief Executive, said, "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. 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."
"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 are opened for even selling a majority stake in the company if we get a good deal," he further added.