HyperCITY, the hypermarket chain of the K Raheja Group, expects to close the year with revenue of around Rs 350 crore. The hypermarket chain has invested Rs 400 crore so far and will achieve a store breakeven by March 2011. Mr B. S. Nagesh, Vice-Chairman, HyperCITY Retail (I) Ltd, said the hypermarket chain would achieve a company level breakeven in FY 2012-13.
The hypermarket chain currently has six stores across the country and is slated to open the seventh in Bangalore next week. In the next two-three quarters, it would add another five lakh sq. ft. across three cities. The company plans to expand its footprint in the Southern and Western regions and certain cities in Punjab.
Shoppers Stop, which has a 19 per cent stake in HyperCITY, has the option of increasing the stake to 51 per cent in June this year. The company plans to raise funds for this through a QIP (about Rs 250-Rs 300 crore). “We have already issued warrants to the promoters in December 2009,” he said.