Handset manufacturer Spice Mobility plans to substantially increase the number of its Spice Hotspot-branded phone stores across Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad.
The company chose these seven cities as they have a large market for mobile handsets priced above Rs 3,000.
"We will have both self-owned mobile handset stores and franchisee-owned stores in these cities," said BK Modi, global chairman of the Spice Group.
Modi did not divulge the number of retail stores being planned by the company or the exact investment needed.
He, however, explained that the company plans to sell around 3 crore treasury shares — a company's stock that it keeps in its kitty at the time of listing — of Spice Mobility by October, to raise around Rs 300 crore.
The company also has cash reserves of around Rs 300 crore, which could be deployed to fund expansion targets envisaged by the company.