SS Retail IPO Details

SS Retail Ltd is a multi-brand retail chain selling mobile phones, accessories, and other electronic products. We operate in four states—Maharashtra, Karnataka, Madhya Pradesh, and Goa. Its stores are located across metro, mini-metro, Tier I, Tier II, and Tier III and beyond cities, with a strong focus on Tier II and Tier III and beyond markets.

As of March 31, 2025, the company operated 347 stores across India, including 334 stores in Maharashtra. According to the Knowledge Company Report, it is the largest mobile phone retail chain in West India and Maharashtra, and the fourth largest in India among our peers.

The company has grown rapidly over the years. Our store count increased from 181 stores in 89 cities as of March 31, 2023 to 347 stores in 149 cities as of March 31, 2025, growing at a CAGR of 38.46%. As per the Knowledge Company Report, this growth rate is the second highest among peers and about twice the peer average. As of March 31, 2025, our stores covered 179,633 square feet. In Fiscal 2025, our sales per square foot were ₹120,188.73, the highest among our peers, showing strong store efficiency.

As of November 30, 2025, we operated 451 stores covering 212,517 square feet.

Brands

The company operates mainly through three proprietary brands:

• SS Mobile – Its flagship brand, under which it sells mobile phones, accessories, and other electronics through large (above 800 sq. ft.), medium (400–800 sq. ft.), and small (below 400 sq. ft.) stores.
• xchange Wala – Launched in Fiscal 2023, this brand focuses on pre-owned mobile phones and operates in a “shop-in-shop” format within selected SS Mobile stores. As per the Knowledge Company Report, it is among the few organized retailers using this format.
• The Mobile Space – Launched in Fiscal 2023 to improve reach and customer acquisition in Tier II, Tier III, and beyond cities. These stores operate in medium and small formats.

As of June 30, 2025, it also operated four smartphone cafés in Maharashtra, with two stores each in Kolhapur and Pune, which are exclusive brand outlets for a reputed mobile phone brand.

Store Operating Models

The company operates stores through three business models:

• COCO (Company Owned and Company Operated)
• COFO (Company Owned and Franchisee Operated)
• FOFO (Franchisee Owned and Franchisee Operated)

Competitive Strengths

• Largest mobile phone retail chain in West India and in Maharashtra, and the 4th largest in India.
• Differentiated COFO and FOFO Models with our Local Partners Approach.
• Established track record of operations and understanding of diverse markets.
• A broad product mix with a focus on mobile phones, including pre-owned mobile phones, and a strong procurement model.
• Consistent track record of financial performance and growth.
• Experienced promoter and management team with strong domain expertise.