A combination of new and existing investors contributed US $ 12 million to the value retail chain 1-India Family Mart’s Series D fundraising round. Gulf Islamic Investments, Singapore-based Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, a group of wealthy people, and promoter JP Shukla himself participated in the round.
It previously raised Rs. 50 crore (US $ 6 million) in series B finance from Gulf Islamic Investments (GII), a company based in Dubai. Suumaya Industries, an ethnic clothing maker situated in Mumbai, also acquired a minority share in Nysaa Retail Pvt Ltd, its parent firm.
According to a press statement from 1-India Family Mart, the money will be used to fund the company’s next stage of development, which will include growing its retail presence throughout India’s rapidly changing value retail market.
1-India Family Mart, which was co-founded in 2012 by Jay Prakash Shukla and Ravinder Singh, operates mid-sized stores in Tier-3 and 4 cities and villages around India to serve underserved populations. By concentrating on Tier-2, 3 and 4 towns, the brand has been able to reach India’s aspirational customer base by providing reasonably priced fashion, lifestyle items, and general commodities in a well-organised retail structure.
1-India Family Mart currently runs 65 locations in ten states and is still growing, particularly in North and East India. A centralised warehouse in Gurugram and a zero-reverse logistics strategy, which guarantees that all shipping merchandise is sold—reducing waste and increasing operational efficiency—support its operations.
