You are here: Home » PTI Stories » National » News
Business Standard

1-India Family Mart raises Rs 20 cr

Topics
Business Finance

Press Trust of India  |  New Delhi 

Value retail chain 1-India Family Mart Thursday said it has raised Rs 20 crore in a debt funding led by APAC Financial Service Pvt Ltd.

The fund will be leveraged by the company for expanding to new geographies as well as for its working capital requirements, 1-India Family Mart, which is owned by Nysaa Retail said in a statement.

Commenting on the development, 1-India Family Mart CFO Deepak Sharma said, "This round of external funding reflects our commitment towards maintaining a healthy growth rate and profitability on the financial books".

He further said this round is part of the larger capital raise, which the company is in the process of closing, that will fund its scaling up of business till it goes public within the next two years.

"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 fashion expectations of diverse customer groups...," Sharma added.

Following this latest round of funds, the company is planning to add up 40 stores in the current year and 50 stores by 2020 primarily targetting tier-II, tier-III, and tier IV cities.

At present, 1-India Family Mart said it has 90 stores across 81 cities of eastern and northern parts of India, generating revenue over Rs 400 crore.

The company had raised its first external funding worth USD 7 million from Carpediem Advisors Pvt Ltd in 2018.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 02 2019. 15:20 IST
RECOMMENDED FOR YOU