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Nysaa Retail looks to raise USD 50 mn to fund expansion

Carpediem Advisors-backed Nysaa Retail, which operates 1-India Family Mart retail chain, is looking at raising USD 50 million (approx Rs 347 crore) to fund its expansion plans, and has roped in Avener Capital for the same.

The company said its plans to raise funds in an equity round to fuel its organic and inorganic growth.

"With the new round of funding through our association with Avener Capital, we intend to add 100 new stores by financial year 2020-21 with a focus on the north-east market, as well as fuel our organic and inorganic expansion," 1-India Family Mart COO and Co-Founder Ravinder Singh told PTI.

"We are also looking at clocking a turnover of Rs 1,100 crore in the next two years and will adopt omni-channel retail distribution," Singh added.

He said the company is expected to clock the turnover of over Rs 400 crore in the financial year 2018-19.

The company, led by J P Shukla and Ravinder Singh, began operations in 2013, raised Rs 42.5 crore from private equity firm Carpediem Advisors in December 2017 and March 2018.

At present, the firm present operates over 80 stores across 75 cities.