With an existing customer base of over 2,000 small and medium business enterprises, GOFRUGAL aspires to maximise digitisation of retail businesses in Madurai.
Cloud and Enterprise Resource Planning (ERP) company GOFRUGAL on Sunday it was eyeing stepping up presence in Tier II and III locations, including Thane, Noida, Kolkata and Cochin as part of strengthening its footprint, besides looking at doubling revenues in the coming years.
The city-based company recently inaugurated its first office in Madurai with an employee base of 90 and plans to scale it up to 150, company founder Kumar Vembu said.
With an existing customer base of over 2,000 small and medium business enterprises, GOFRUGAL aspires to maximise digitisation of retail businesses in Madurai. The office, spread across 15,000 square feet, would also offer an exclusive walk-in experience to customers, he said.
“After carefully studying the marketing, challenging and business growth strategies, we at GOFRUGAL wish to launch full-fledged development offices in smaller cities… our plan is to have an office in every state of the country over the next 18-24 months”, he said.
“Our mission is to empower all Micro, Small and Medium Enterprises businesses in Tier II and III cities with the right technology and tools so that they stay ahead of the competition and enable them to compete against big players”, he said.
In an interaction with PTI, he said the company planned to expand in locations like Thane and Noida, in view of the availability of skilled youth. “Even in GOFRUGAL if we recruit 100 people, 75 of them will be freshers from college having various skill sets…We believe Tier II cities are finally ready to be the technology-hot spot and consider this as our small contribution towards nation-building,” he said.
Through expansion in Tier II cities, GOFRUGAL is moving closer to customers to address their needs and can recruit local talent. It may be in Thane or Kolkata (or some other city) , he said.
On the company”s financial performance, he said it witnessed a 70 per cent growth this financial year despite the impact caused by COVID-19 outbreak. “During this financial year we hope to grow by 100 per cent and by expanding in Tier II locations aspire to more than double growth (in terms of CAGR) from next year onwards”, he said.
“Tamil Nadu is our strong market for GOFRUGAL.. we have opened in Madurai. We are opening in Thane, then in Kolkata, Noida and later in Cochin. This expansion will happen before December”, he said to a query. “In the next 18-24 months, our plan is to have offices in all the states of the country. This is our goal”, he said.
On revenues, he said the company expects to garner Rs 75 crore this fiscal and double it next year. Covid-19 has pushed small businesses, traders, retailers from Tier II and III cities to go digital and meet the needs of changing behaviour of consumers, he said.
From selling products online to sending digital copy of invoices to customers” phones, business owners can greatly use technology and fulfill their objective via contactless business processes, he added.
Source: Business World