SyberPlace.com Board Elects Anup Garg as Director

SyberPlace.com, an online retailer for consumer durables in India, today announced the appointment of Anup Garg as a director on the Board of the company.

Mr. Garg, 47, has extensive experience with enterprise financing and financial management. He serves as a director on the Board of Andhra Bank and is a member of the Bank's Managing Committee. Prior to this, Mr. Garg was a director on the Board of Canara Bank for 3 years. He is the founder and a senior partner at A. P. Garg & Co., a reputed boutique firm of chartered accountants. He has been elected as a Fellow of the Institute of Chartered Accountants of India, for his distinguished services to the business community in India.

Urvesh Goel, Customer Care Associate and Chief Executive Officer, stated, "Anup brings with him relationships and a distinguished career of 24 years from capital structuring and corporate governance to the company. We are very pleased that he is joining the Board of SyberPlace.com. His guidance in financial prudence and expense control shall be necessary for scaling the company to Rs. 4,000 crore sales in 2011 and achieve an enterprise valuation of Rs. 25,000 - 30,000 crore in 2012. Anup's association with the company instills confidence in the investors and business partners about our ability to deliver on commitments."

Mr. Goel concluded, "We have a robust plan and we are partnering with industry leaders to achieve the business goals set for the company, providing our customers an unparalleled buying experience."

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About SyberPlace.com:

SyberPlace.com is an online retailer for consumer durables addressing a market opportunity of Rs. 128,000 crore with a business goal of 3% share: Rs. 4,000 crore sales in 2011, targeting 1% penetration in a customer base more than 20 crore PC internet users and 20 crore mobile internet users, leveraging an investment of Rs. 200 crore in technology, to provide the customer an unparalleled shopping experience. They have retained a leading retail technology provider experienced with some of the largest US blue chip retailers – The Gap Inc., Victoria’s Secret, The Limited, etc.

The company has established a supply chain, logistics, and services for 24 top selling brands in consumer durables: LG, Samsung, Onida, Philips, Panasonic, Haier, HP, Acer, Lenovo, Toshiba, Cannon, Olympus, Nokia, and Motorola — to name just the bigger ones. This supply chain provides the company with 27 categories of products. The company is leveraging consumer finance from the banks and non-banking finance companies, bundled with its products, to meet aspirational buying needs of its customer base.