In an exclusive conversation with BW Retail World, Vikesh Shah, the founder and CEO of QSR chain 99 Pancakes revealed the company’s expansion plans, revenue targets and some other exciting details of the brand.
After establishing its presence in Australia, 99 Pancakes is considering expanding its chain in the country as the company is pleased with the performance of its Australian store.
Looking ahead the brand is aiming to spread its footprints to the Middle East and UK markets in the next 2 years.
“We are looking at new countries for sure because pancake is an international product and accepted around the world,” said Shah.
However, the company will primarily focus on its home market of India.
”Initially, for at least one and a half years, we are looking at India because India itself is a very big market,” he stressed.
While talking about the brand’s plans he said that the company is in discussions with potential investors to raise funds. They have received positive interest from investors so far.
In terms of growth, the company is expecting a 3X year-on-year (YoY) growth in this financial year. Adding, “This year we should reach around 30 crores of sales.”
Furthermore, the company’s marketing spend will initially be around 4 per cent, as most of their growth has been organic, he told BW Retail World.
“We want to do vibrant marketing when we’ll be launching more FMCG products and new stores,” he added.
According to Shah, the company will take on two models for store expansion: the master franchise model, where they partner with local investors for boosting growth and the company-owned company-operated model. They intend to establish an equal number of stores in both models to reach their target.