Hypercity aims to open three to five malls in Mumbai

Hypercity is looking to launch three to five malls this fiscal, adding about 14 lakh square feet.

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

BS Nagesh, Vice- Chairman, Shopper’s Stop said that each mall will be about 65,000sq feet in area. For the venture, the company also plans to employ up to 1,800 personnel, this fiscal.

He added that there would be around 300-500 hires per store.

Nagesh said that the capex for Hypercity this fiscal was Rs10 crore.

The company has obtained an in-principle approval for its QIP (Qualified Institutional Placement) of around Rs 300 crore. Nagesh said that the company is looking at a time-frame of six to nine months to raise funds through a QIP.