Supermarket chain Godrej Nature's Basket will tie up with regional players to achieve a turnover of Rs 1,000 crore by the year ended March 2022.
The retailer has entered into an agreement with Goa-based retail chain Magsons Group, in which it has picked up a minority stake for an undisclosed amount.
“We want to grow in an asset-light manner by acquiring minority stake in regional players and co-brand the stores at a later stage,” said Avani Davda, managing director of Godrej Nature's Basket. “…we aim to end the fiscal with revenue growth of over Rs 500 crore.”
The retailer, Davda said, will increase its stake in Magsons Group after co-branding and add 12-13 stores, though it didn't specify by when.
Currently, Godrej Nature's Basket runs 33 stores in Mumbai, Pune and Bengaluru, which it plans to take increase to 45-50 by FY19.
The retailer expects to generate 15 percent of its revenue from online sales this fiscal and plans to raise it 25 percent in three years.
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