Future Ventures-backed Biba Apparels Pvt Ltd, a retailer of ethnic wear for women, is in the process of developing niche brands. While it will be launching a budget brand for women by 2013 winter or the summer of 2014, it is also focusing on kids apparel and bridal wear. To drive its aggressive expansion plan, including opening another 100 outlets in the next two years, the company is looking to raise funds from new investors in the next financial year. “We are already present in 47 cities and want to be in 100 cities. The immediate capex plan is to spend Rs 50-60 crore on operations and another Rs 30 crore on marketing,” said Biba MD Siddharth Bindra. In a video interaction with VCCircle , he discusses the role of Future Ventures as investors, its search for new investors and different segments that the brand is entering.
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