The company, which currently has 23 outlets in the country, said the stores will be a mix of company-owned and franchise operated ones, according to The Economic Times.

"Out of the total 500 outlets planned in the next five years, 100 would be company-owned while the rest 400 would be franchised," Bangs Director Asvin Simon said.

He said the company plans to raise Rs 20 crore through private equity to fund setting up the company-owned outlets. For the franchise model, the average investment is around Rs 20-25 lakh, Mr Simon added.

Elaborating the expansion plan, he said: "By this year end, overall number would be around 70 and by 2013 we plan to have round 180-200 outlets across the country."

Eventually, in the next five years the total number will reach 500, he added.

The company, which came into existence in Chennai in 2009, is also planning to open its outlets overseas.

According to Mr Simon, the company's first outlet would be opened in Doha (Qatar) by April this year.

"We plan to have three outlets in Doha by the end of this financial year. We have also tied up with a local firm to open outlets in Dubai," he said.

The company also plans to increase its footprint in Delhi/NCR region and is looking to open around five company-owned outlets in the Capital.