Fashion and apparels retailer V-Bazaar Retail is eyeing Rs 500 crore revenue in the next three years as the company plans to add up to 45 new stores in tier II and III cities.

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The company will invest between Rs 75-90 crore to open 40 to 45 new stores in tier-II and tier-III cities of Bihar, Jharkhand, Uttar Pradesh, Gujarat, Rajasthan and Uttarakhand, it said in a statement.

"We would add around 40-45 more stores by 2020 and take our store count to 56-57 by the end of FY 2019-2020," V-Bazaar Retail Chairman and Managing Director Hemant Agarwal said.

He further said: "For growth, as a strategy we are focusing on only tier-II and III places."

At present, V-Bazaar is operating 14 stores in Uttar Pradesh and Bihar and had a revenue of Rs 44.8 crore in the financial year 2016-17.

Currently, 40% of the company's revenue comes from mens apparel, 25% from ladies apparel, 23% from kids apparel and 12% from general merchandise.

"The company would be investing around Rs 1.75 to Rs 2 crore in opening one new store and the investment would be through internal accruals," Agarwal said.

It offers a portfolio of products, including apparels and non-apparel.