Ajay Harinath Singh’s Darwin Platform Group of Companies has announced its foray into the retail sector with six exclusive stores in different parts of Mumbai. DP retail- a subsidiary of DPGC — is all set to provide a new-age shopping experience to customers at its exclusive stores. The company plans to open nearly 100 showrooms across the country in the next six months.
In a rather instrumental move, the first self-owned exclusive megastore of DP Retail will open in Bhandup, Mumbai and will be spread over 2,500 sq ft. The other five stores, spread over 500-600 sq ft, will come up at Goregaon, Andheri, Jogeshwari, Sion and Worli.
DP Retail is yet another initiative by DPGC, led by Ajay Harinath Singh, who is the direct bloodline and the descendent of Lord Rama’s son Lava. The aim of DPGC’s businesses in India is to boost the economy.
“The retail industry has emerged as one of the most dynamic and fast-paced sectors with double-digit annual growth and it accounts for over 10 per cent of the country’s gross domestic product (GDP) and around eight per cent of the employment. India is the world’s fifth-largest global destination in the retail space. With DP Retail, we would be leveraging our countrywide network to cater to the rising consumer demand,” says Ajay.
Established in 1996, DPGC has a net worth of $6.4 billion and it has 21 associate companies. Over the years, the group has made rapid progress in several sectors including finance, bankiing, healthcare, aviatronics, energy, mass media, IT and now retail.
Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. It accounts for over 10% of the country’s gross domestic product (GDP) and around eight% of the employment. India is the world’s fifth-largest global destination in the retail space.
As per Forrester Research, in 2020, India's retail sector was estimated at US$ 883 billion, with grocery retail accounting for US$ 608 billion. The market is projected to reach around US$ 1.3 trillion by 2024. According to the Retailers Association of India (RAI), the retail industry achieved 93% of pre-COVID sales in February 2021; consumer durables and quick service restaurants (QSR) increased by 15% and 18% respectively.
Announcing its ambitious, spirited and bold expansion and employment generation drive, Group Chairman Ajay Harinath Singh said that these are the times to build national hope and do our own bit to keep up the nation's morale while adding to the nation's future well-being.
"India has a very bright future and we as a nation will bounce back with vigor very soon. This is an opportune time for future planning, business expansion and infusing hope in the nation. Our Group has crafted an ambitious but realistic expansion plan and, in the process, we will also spur massive, the biggest in recent years, employment opportunity across India," Ajay added.
The company plans to start with a robust strategy for market penetration across the omnichannel retail business, including the extension of offline experience beyond metro cities with new retail partnerships through its franchise model.
With the rising need for consumer goods in different sectors including consumer electronics and home appliances, many companies have invested in the Indian retail space in the past few months. DP Retail aims to provide direct and indirect employment to over 25,000 young workforces in the next financial year. The proposed manufacturing units, with over 1 million/ month production, processing, and packaging capacity would strengthen DP Retail’s supply chain.
With mantras of Atmanirbhar Bharat-triggered Make in India and Vocal for local, the Group has realized the potential of Indian growers, MSMEs, and skills and is all set to leverage these strengths of the market.