Biyani's entity Galaxy Cloud Kitchens Limited launches 'Galaxy Supermarket'

The Board of Directors of Galaxy Cloud Kitchens Limited at their meeting held on 24th May 2024 have resolved to commence a new line of business activity of operating chain of retail supermarket stores with the name and style of 'Galaxy Supermarket' basis the pilot operation of first store which was started w.e.f. 18th April 2024 on test basis and based on the feedback/customer response, proposed to commence the said new line of business activity subject to all necessary approvals.

The Industry to which the new business aligns is Direct to Consumer, Business to Business Retail supermarket stores having name 'Galaxy Supermarket' dealing primarily in FMCG products. The stores would serve as 'one-stop shop' for the retail consumer offering products from groceries to dairy to other household necessities and also to provide its own curated brands for specific product categories. Company has commenced its first pilot supermarket store in Ladwa, Haryana on 18.04.2024 on test basis. Based on feedback and customer response, Company aims to open more stores across India in the times to come subject to receipt of necessary approvals.

The locations targeted for these supermarket stores are carefully chosen in Tier 1 and Tier 2 cities of identified State hub, which fills the demand-supply gap. This would help the Company in generating revenue and earning operating level profits.

The investment amount varies from location to location due to lease expenses, furniture costs etc. Further management proposes to minimise the Capex as well as working capital by ensuring proper working capital management. Accordingly, investment amount at this juncture is not ascertainable.

Shares of Galaxy Cloud Kitchens Ltd was last trading in BSE at Rs. 16.89 as compared to the previous close of Rs. 17.04. The total number of shares traded during the day was 6495 in over 61 trades.

The stock hit an intraday high of Rs. 17.50 and intraday low of 16.56. The net turnover during the day was Rs. 110531.00.

Source : Equity Bulls

Keywords

GalaxyCloudKitchens INE403B01016 GCKL NewBusinessForay GalaxySupermarket