Network18 Group, one of India’s fastest growing media companies, has entered into a strategic alliance with Mobile NXT, which is India’s first mobile retail chain. As per the alliance, the media company would provide Mobile NXT with necessary funds and strategic advice.
Network18 has taken this decision considering its interest in the field of travel and entertainment. Avendus Advisors was the sole investment banker and advisor to Mobile NXT for this pact.
The funds will be used for the company’s next phase of expansion. Mobile NXT plans to roll out 100 stores in multiple formats across different cities in India with a strong focus on Tier II and Tier III cities over the next one year. Over the next three years, it plans to have 500 stores on the ground towards achieving its vision of being a pan-India chain.
Commenting on the partnership, Romy Juneja, COO, Mobile NXT, said, “We are pleased to join hands with the Network 18 Group. This is the first of its kind deal between a media powerhouse and a mobile retail chain. This association will benefit all our clientele and also provide value-based consumer experience to this expanding market.”
Mobile NXT retail chain was launched in April 2006 and had set up their first store in Gurgoan. Today, the company has 22 stores spread across India, with its head office in Bangalore.