1-India Family Mart, a leading value retail chain operated by Nysaa Retail Private Limited, closed FY 2018-19 with a revenue of Rs. 393 crores.
The company announced a revenue jump of 71 per cent compared to the previous year while successfully opening 41 new outlets during the period.
The value fashion retailer is now targetting revenue worth Rs. 2,300 crore with over 350 stores in next 5 years.
In an endeavour to make affordable and fresh fashion apparels, lifestyle products and general merchandise accessible to its customers, 1-India Family Mart started operations in 2013 with two stores in Ghazipur and Fatehpur districts in Uttar Pradesh (UP).
Gradually it expanded operations across its core areas of UP, Bihar, Jharkhand and Chhattisgarh, and moved over to new geographical areas such as Bengal, Orissa and the North East.
Ravinder Singh, Co-Founder and COO, 1-India Family Mart, said, “The category of stores in Tier-IV cities has a profile different from those in Tier-III in terms of sustainable consumption. We are now aligning a relevant model for such stores which will make it easier for us to progress towards our ultimate vision of addressing the fashion needs of 75 per cent of the country’s population. The company has attracted top leadership talent as a part of capability building to match the growth plans and is also investing in processes and technology while maintaining high standards of corporate governance. This is all a build-up to an IPO in 2 years’ time.”
Speaking on the growth numbers, Deepak Sharma, CFO, 1-India Family Mart, added, “It has been a phenomenal growth this fiscal year in terms of revenue and expansion for 1-India Family Mart. Despite subdued consumption in our geographies and erratic weather conditions, the company has managed good growth mainly driven by Tier 3 and Tier 4 stores. Products that are trendy and cater to the needs of youth contributed majorly to these growth numbers followed by the kids’ segment that too witnessed a healthy pace in demand.”
1-India Family Mart is a bootstrapped company which raised its first external funding worth US $ 7 million from Carpediem Advisors Pvt. Ltd. in 2018 and invested the same in expansion, technology, CRM, warehousing and storefront training.
The firm has recently raised its second round of external debt funding worth Rs. 20 crore, which is a part of a larger fund raise in process, including a mix of debt and equity, which will fund the scaling of the business and culminate in a public issue.
