Darwin Platform commits Rs 1,000 cr to expand retail biz

Darwin Platform Group, which recently made a foray into the retail segment, has committed Rs 1,000 crore for expansion across the country, according to a statement.

Recently, the group opened its first retail outlet at DN Nagar, Andheri West, Mumbai, and plans to add at least 50 lakh sq ft of retail space within the next five years under its retail arm DP Retail, Darwin Platform Group of Companies (DPGC) said in the statement.

''DP Retail plans to have a pan-India presence with 50 lakh square foot space in the next five years,'' it said.

DP retail financial plans include the investment of Rs 1,000 crore to expand in tier-1, -2 and -3 cities over the next five years, according to the statement.

It has also allocated Rs 100 crore towards market penetration across the omnichannel retail business, including an innovative franchise model.

After opening the first store, the group plans retail outlets at Bhandup, Goregaon, Jogeswari, Sion and Worli in Mumbai and gradually move to other states like Gujarat, Jharkhand, Madhya Pradesh, Uttar Pradesh and Bihar.

DPGC Group CEO Raja Roy Choudhury said, ''With DP Retail, we would be leveraging our countrywide network to cater to the rising consumer demand.'' The company plans to achieve pan-India presence with different categories, including food, health and wellness.

Established in 1996, DPGC has 21 associate companies, the statement said. Over the years, the group has made rapid progress in several sectors including finance, banking, healthcare, avionics, energy, mass media, IT, and now retail.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)