New Delhi, May 02, 2019: 1-India Family Mart, a fast growing value retail chain owned by Nysaa Retail Private Limited offering affordable and fresh fashion apparels, lifestyle products and general merchandise has raised debt funding worth $2.87 million (INR 20 crores).
The funding, led by APAC Financial Service Private Limited will be leveraged by the company for expanding to newer geographies as well as for its working capital requirements.
Endeavouring to match the fashion aspirations of individuals living in small towns which they can afford, 1- India Family Mart currently stands strong with 90 stores across 81 cities of Eastern and Northern India; generating revenue over INR 400 Crores.
Commenting on securing the funds, Deepak Sharma, Chief Financial Officer, 1-India Family Mart said, “This round of external funding reflects our commitment towards maintaining a healthy growth rate and profitability on the financial books. This growth capital will give us the resources and flexibility to further expand aggressively to new territories and geographies to accelerate the brand’s attempts to meeting the fashion expectations of diverse customer groups with refreshingly different retail experiences. This round is part of the larger capital raise which the company is in the process of closing which will fund the company to scale its business till it goes public within the next two years”
1-India Family Mart raised its first external funding worth US$ 7 million from Carpediem Advisors Pvt. Ltd in 2018 for investing in expansion, technology, CRM, warehousing and storefront training. Following this latest round of funds, the company is planning to add up 40 stores in the current year and 50 stores by 2020 aiming to eventually address the fashion needs of the country’s population that primarily resides in tier-2, tier-3, and tier 4 cities.
Nysaa Retail Private Limited, the holding company of 1-India Family Mart was established in 2012 with a vision of providing Fresh and Affordable Fashion and General Merchandise to its customers. The Value Retail Chain began operations in 2013. The company established its first store in UP and soon expanded operations to Bihar, Jharkhand, Chhattisgarh, and North East. Today, 1-India Family Mart has 54 stores across East and North of India.