E-commerce takes its toll; cellphone retail chain Univercell planning to exit business

E-commerce discounting has started to take its toll, with the owners of South India’s largest brick and-mortar cellphone retailer UniverCell looking to exit the 380-store chain. UniverCell founder and promoter D Sathish Babu said the company is always looking at raising funds to fund its growth plans and denied that he or Peepul Capital is in talks with anyone at present to sell a stake. Sangeetha Mobile MD Subhash Chandra and Videocon Retail director Sanjay Karwa declined to comment. Talks with Optiemus Group are at an advanced stage, the four executives said. Optiemus Group chairman and managing director Ashok Gupta said the company has had a wonderful relationship with UniverCell since 2009 and it is obliged to help it during bad times.

Source: http://economictimes.indiatimes.com/tech/hardware/e-commerce-takes-its-toll-cellphone-retail-chain-univercell-planning-to-exit-business/articleshow/46294240.cms

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