Jubilant FoodWorks plans to add around 70 new Domino’s Pizza stores by the end of this financial year.
Of this, the company has already opened around 33 stores. The company is also planning to enter new cites apart from increasing its presence in the existing cities.
“We have entered 23 new cities, which includes Gangtok, Anand, Silliguri, Rajkot, Jammu and Thiruvananthapuram, among others,” said Ajay Kaul, CEO, Jubilant FoodWorks.
Kaul said the company is increasing its presence in tier-ii and tier-iii cities also. The company owns 274 stores in 55 cities in the country.
Recently the corporate name of Domino’s Pizza India Ltd was changed to Jubilant FoodWorks but continues to market pizza under the brand name Domino’s.
“We plan to bring some other food brands to the country apart from entering other activities in the food business. The decision to change the corporate name and bring Domino’s under the ambit of Jubilant FoodWorks has been taken to facilitate this process,” sai d Kaul.
The company plans to raise funds through IPO. It has already filed a draft red herring prospectus with the Sebi and is awaiting its nod.
The company would use Rs 35 crore from the IPO proceeds to retire its debt and the remaining would be used for its business operations.