Hypercity plans to open 3-5 malls in Mumbai this fiscal

K Raheja Group's Hypercity plans to open three to five malls this fiscal, adding about 14 lakh square feet, a top company official said.

Hypercity is the hypermarket chain of the K Raheja group which also owns leading retail player, Shopper's Stop.

"Each mall (Hypercity) will be about 65,000sq feet," Shopper's Stop's vice-chairman, BS Nagesh, told reporters in Mumbai today.

Hypercity also plans to hire up to 1,800 personnel this fiscal, he said.

"Hypercity's current headcount is 1,200. We plan to add up to 1,800 personnel this fiscal," Nagesh said.

"There would be around 300-500 hires per store," he said.

The combined headcount of both Shopper's Stop and Hypercity is 5,000.

Asked about the capex for Hypercity this fiscal, Nagesh said that it was Rs10 crore.

The company has obtained an in-principle approval for its QIP of around Rs300 crore.

"We are looking at a time-frame of six to nine months to raise funds through a QIP," Nagesh said.