Startup Makers of Milkshakes to expand overseas

Startup Makers of Milkshakes has firmed up a plan to expand overseas through franchise route and to nearly treble its domestic network to 200 stores by 2020 from 75 now, said its chief executive Rahul Tirumalapragada.

He said the Hyderabad-headquartered startup is gearing up to open its first overseas outlet in California nextMilkshake month, and is in talks with a few prospective partners in Italy, Dubai, Singapore and Australia for franchise outlets.

Addressing journalists in Hyderabad on Wednesday, Tirumalapragada also said the company expects the total number of stores to cross 100 by the end of 2018-19. He said the company, which reported revenue of Rs 25 crore, in the previous financial year, hopes to close the current fiscal with a revenue of more than Rs 40 crore.

With an estimated enterprise value of at least Rs 150 crore, the company, which had earlier refused private equity investments at early stages, is now open to divesting significant stakes in favour of strategic investors.

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