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Happi Mobiles plans 100 new stores in FY20
Aiming at `500 cr turnover this fiscal against `250 cr in FY19
Hyderabad: City-based Happi Mobiles, a multi-brand mobile retail chain, on Thursday announced its plans to set up 100 new stores in the current fiscal year, taking its store count in Telangana and Andhra Pradesh to 150.
It is also gearing up to expand its footprint to Maharashtra and other states neighbouring Telangana.
"Our target is to have around 150-200 stores by end of the current financial year.
But we are sure of adding at least 100 new stores this fiscal, taking our network to 150 outlets," K Krishna Pavan, Managing Director, Happi Mobiles Private Limited, told the media here on the occasion of the company's first anniversary.
The mobile retail chain which opened its first store at Anantapur in March 2018 currently has 46 outlets in Telugu states. It has 35 stores in Telangana while the remaining 15 are in Andhra Pradesh.
Four more are ready for inauguration. Of the 100 new outlets it has planned for this fiscal, 25 will come up in Hyderabad and 20 in rest of Telangana. It will set up 25 new outlets in Vijayawada and Visakhapatnam and 25 in other parts of Andhra Pradesh.
"On an average, our stores are spread over 1,000-1,200 sft. We spend Rs 40-60 lakh on each new store. That way, we will invest around Rs 50 crore on 100 new stores. Promoters will infuse some funds while the remaining amount for the expansion will be raised through bank debt," Pavan said.
Happi Mobiles ended FY19 with a revenue run-rate of Rs 250 crore. "We are aiming at doubling the revenues to Rs 500 crore this financial year," said Kota Santosh, company's Executive Director.
The company which currently has a market share of 2-3 per cent in organised mobile retail segment in Telugu states aims to capture 8-10 per cent of the market pie. The total market size is estimated to be around Rs 8,200 crore, of which Rs 7,000 crore is offline market.
With 600 employees, Happi Mobiles sells mobile phones of 12-13 top brands, but 5-6 brands account for major chunk of its sales. It also sells LED TVs, vacuum cleaners, CCTV cameras and other lifestyle products in some of its stores.
To mark its first anniversary, the mobile retail chain launched Happi Days scheme under which customers gets 40 per cent cashback on PayTm on purchase of a smartphone.
Other benefits include price drop protection, one-time screen replacement, two-years warranty, exchange offers, etc.
It is also offering free Micromax LED TV on purchase of a smartphone worth Rs 15,000 or more. The offers will continue till April 29.
