Gargi by PN Gadgil & Sons looks to raise funds to fuel retail expansion

Jewellery business Gargi by PN Gadgil & Sons plans to launch more than 60 new brick-and-mortar stores in the 2025 financial year and plans to fund the development with a preferential issue of equity shares to its promoters and public investors.

The business aims to raise Rs 42.998 crore through the fundraising, India Retailing reported. The business will issue a total of 747,800 equity shares priced at Rs 575 each, including a premium of Rs 565 per share.
 
“The proceeds from this preferential issue will primarily support our aggressive growth plans,” said Gargi by PNGS’s co-founder Aditya Modak, India Retailing reported. “Gargi aims to expand its presence in cities across Maharashtra. Afterwards, we plan to target major cosmopolitan cities in India, such as Bangalore, Hyderabad, Indore, Kolkata, Chennai, Delhi, and NCR.”
 
The brand’s longer term expansion plan includes opening stores in Tier 1 and 2 cities. Along with expanding its brick-and-mortar retail footprint across India, Gargi by PN Gadgil & Sons also has plans to increase its jewellery inventory. The business will amp up its marketing activities to increase brand awareness and has joined forces with Colors Marathi to be a partner on reality television show Bigg Boss Marathi Season 5.