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Nysaa Retail to invest Rs 100 cr to add 80 stores

Business Finance

Press Trust of India  |  New Delhi 

Nysaa Retail, which operates '1-India Family Mart' retail chain, plans to invest Rs 100 crore to add 80 stores and aiming a turnover of Rs 1,100 crore by 2020-21, a top company official said.

The company, which operates 80 stores in tier-II and -III cities in eastern and northern India, is expected to close the current fiscal with a turnover of Rs 420 crore.

"We plan to invest about Rs 100 crore to add 80 new stores by financial year 2020-21. In the next phase of expansion we will focus on North East. We are also looking at clocking turnover of Rs 1,100 crore in two years time," J P Shukla, the founder and Chief Executive Officer of 1-India Family Mart, told PTI.

Shukla said the company will fund expansion through a combination of internal accruals and debt.

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.

Shukla said the 1-India Family Mart is looking at adopting omni-channel retail (combination of offline and online) distribution and plans to pilot a project for this.

Nysaa Retail Pvt Ltd established its first store in Uttar Pradesh and operates stores in Bihar, Jharkhand, Chhattisgarh, Bengal and the North East.

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

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First Published: Sun, December 23 2018. 13:45 IST