Subhiksha Group Valued at $500 Million

The Subhiksha retail group consisting of Subhiksha Supermarkets and Subhiksha Mobile Retail chain has been valued at $500 Million as on today.

Subhiksha has 1,590 stores on PAN India basis selling Grocery and Mobiles. It plans to enter the consumer durables space as well as establish large format stores – Hypermarkets.

Wipro Technologies Chairma, Mr. Azin Premji picked up a 10% stake in Subhiksha Retail at $50 million in his personal capacity. ICICI Venture Capital holds 23% stake while sister company ICICI Mutual Fund holds another 5% and the balance 3% is with the ESOP.

On exit options to the VCs, Ms Bala Deshpande of ICICI VC and Board Member of Subhiksha said,

We look at what works best for the company and shareholders; the company’s interests are first. We will look for an opportune time.

Mr. R. Subramanian founder and CEO has set an ambitions target of making Subhiksha a $5 billion company by the end of 2011; ten times the current valuation in 3 years 🙂 Your views ?