Buoyed by tremendous consumer response and with banking on its huge roll-out plan, Anil Dhirubhai Ambani Group's brokerage and distribution arm Reliance Money expects to break-even by the end of the current fiscal. "Almost 75,000 investors have logged in on to our platform since inception in the last month-and-half. Besides, we are adding around 2,000 new investors daily," Reliance Money's Director and CEO Sudip Bandyopadhyay told PTI.
"Our performance so far gives us the confidence that we shall break-even by this fiscal-end," Bandyopadhyay said. A wholly-owned subsidiary of Reliance Capital [Get Quote], Reliance Money is on the threshold of implementing a massive expansion programme, designed to have its footprint in 5,165 tehsils of the country by the end of FY 08.
"Our plan is to open another 7,500 kiosks by the end of this financial year and ramp it up to 25,000 in the next two-three-year period," Bandopadhyay said. Since inception in April, Reliance Money has already rolled out 2,500 kiosks and is present in 700 cities and towns in India.
The company, he said, aims to cover 5,165 tehsils of the total 5,645 tehsils by the end of this fiscal in an attempt to bring first-generation investors into the broking platform fold, besides promoting the industry.
He, however, declined to give any investment figures saying that the cost of kiosks would depend primarily on the space taken and their locations.
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