HotSpot, part of Spice Televentures, that retails mobile handsets and accessories of multiple brands, plans to open around 150 outlets by the end of this month to carry the total to 600-650, up from its current 475 stores mark.
As part of this development, the company will invest around Rs 225 million for the expansion and plans to raise the proposed amount through internal accruals and promoter equity, said reports.
Sanjeev Mahajan, chief executive, HotSpot, said, “We plan to open 100-150 stores by this month-end to carry the total to 600-650. We target almost 1,500 stores by next year-end.”
Further, the retailer is looking at the value added services (VAS) segment, which accounts for around 10 per cent of the total mobile market counted at Rs 800 billion. With this expansion, the company will move to tier III cities.