Vishal Retail ropes in private equity investors

Vishal Retail has announced the completion of a private equity round of investment valued at Rs 38 crores.

The capital infusion will help fund the company's plans to set up new stores, systems creation and supply chain.

The round is led by Gaja Capital Partners, an India focused mid-market Private Equity firm that invests in emerging leaders, and includes HDFC, the Burman family and other investors. The Burman family has interests in various companies including Dabur and Punjab Tractors.

Ram Chander Agarwal, chairman of Vishal Retail said, "The fresh capital round will help us grow on a pan-India basis and establish the best-in-class systems."

Gopal Jain, Managing Director of Gaja Capital Partners said, "We believe Vishal is the most competitive player in the value for money retailing segment in India. It's quietly bringing about a revolution in retailing especially in second tier cities in the country."

Vishal currently has 36 stores under operation and is focussing on second tier cities. The company opened its latest stores on 25th July in Gujarat in Ahmedabad and on August 19 in Hyderabad and Goa.