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Torrp It Up to open 225 outlets; plans for capital through equity funding
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Friday, 06 May, 2016, 08 : 00 AM [IST]
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Anurag More, Mumbai
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fiogf49gjkf0d Torrp It Up, a gourmet sandwich brand, is planning to add 225 outlets across India by 2020. To fuel up the expansion, the brand is looking ahead to invest Rs 30 crore and planning to raise capital through equity funding by the year 2020.
In this regard, in an email reply to FnB News, Prateek Mittal, director, SGM Enterprises, which owns the QSR (quick service restaurants) brand, said, "We are planning to open 225 outlets all over India via company-owned stores and the franchise route. We look to invest Rs 30 crore by 2020 to fuel the expansion plans. We are looking to raise equity funding for the same and currently we are a self-funded company."
The company currently has 18 outlets across Mumbai and Pune. The brand's market is limited to working professionals and students looking for a quick, delicious and healthy bite.
Speaking on the brand's further plans, he stated, "Torrp It Up is fairly six years old and has already created a distinct position in the QSR segment and we offer a unique sandwich experience by giving customers ample flavour choices to choose from and also give them the option to choose their filling in a torpedo sandwich bread or a wrap. Our flavour choices are equal for both vegetarians and non-vegetarians. We also have sides such as chicken wings, tartines etc. so that customers can make a full combo meal and obtain better value for their money."
According to a report by ASSOCHAM (The Associated Chambers of Commerce & Industry of India), the quick service restaurants sector in India is growing at a compounded annual growth rate (CAGR) of 25 per cent and is likely to touch Rs 25,000 crore mark by 2020 from the level of Rs 8,500, in 2015.
While speaking about launching new menu, he added, "We are constantly revising our menu and adding new products so that the customer gets a new & fresh feel, alongside his/her old menu favourites."
Discussing strategies with regards to the competition from international players, Mittal stated, "International giants such as McDonald’s and KFC can afford to sell their products at a lower price due to their sheer volumes. Our target market is generally not the masses but a more educated and professional class. Also our fresh and premium ingredients do not permit us to sell below a certain price level."
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