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Thursday, January 21, 2016

Mahindra Retail to partner with start-ups for mother and child care

Mahindra Retail announced that it is looking to enter into a partnership with start-ups with an aim to enter the pre- and post-natal services where it expects to offer a range of advisory and consultancy services in the area of mother and child care. Commenting on this, Zhooben Bhiwandiwala, President- Group Legal & Managing Partner, Mahindra Partners said, “We are now re-looking at our business model and pursuing getting into services once again. There are enough start-ups that we can partner to build a platform of services in pre and post natal care which have synergy with the existing retail business.’’ Bhinwandiwala said, “Mahindra Partners, the $900-million private equity arm of the $16.9-billion Mahindra Group, has been incubating and funding Mahindra Retail since 2009. “We have invested Rs.600 crore into Mahindra Retail in the past six years and have managed to get profitable at a store level. But we expect to make money at the company level in the next two years.” He added, “Having acquired a start-up like Baby Oye, Mahindra Retail changed the name of its Mom & Me stores to Baby Oye about a year ago. “For getting into services, we may not necessarily have to make another acquisition.”