TPG NewQuest and A91 Partners participated in a fundraising deal that saw value fashion retailer Citykart raise Rs. 538 crore (US $ 63 million) through main and secondary transactions.
According to those with knowledge of the development, the company is anticipated to be valued at approximately Rs. 1,400 crore (US $ 164 million) in the most recent round.
The founder and managing director of Citykart, Sudhanshu Agarwal, stated that of the total amount raised, Rs. 120 crore (US $ 14 million) is new money that would be utilised to broaden the company’s reach outside its core markets of tier-II and tier-III cities in Uttar Pradesh and Bihar.
Early backer Investcorp has completely left the Rs. 418 crore (US $ 48.96 million) secondary share sale, and private equity company India SME Investments has cut its holdings in half.
Currently running 137 locations, Citykart intends to open 40–50 new locations a year in regions like Rajasthan, Assam, Odisha, and Jharkhand. Listed businesses like VMart, Vishal Mega Mart, and Style Baazar are among its competitors.
According to Agarwal, the Gurgaon-based company has been profitable for at least the last five years, with revenues rising by almost 70 per cent over the previous two fiscal years to over Rs. 900 crore (US $ 105 million) in FY ’25 and predicted to surpass Rs. 1,300 crore (US $ 152 million) in the current fiscal year.
