Funding News: 1-India Family Mart Raises $12 Million to Fuel Small-Town Retail Expansion

Startup: 1-India Family Mart

Founder: JP Shukla and Ravinder Singh

About us: 1-India Family Mart, owned by Nysaa Retail Pvt Ltd, offers accessible fashion, lifestyle, and general merchandise to aspirational consumers in rural and semi-urban markets. The brand has mid-sized outlets with the intent of merging the convenience of local shops with the efficiency of organised retail.

Founded Year: 2012

Office: New Delhi

Sector: Retail

Funding Round: Series D

Investors: Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, high-net-worth individuals, and Co-founder JP Shukla.

Value retail chain 1-India Family Mart has raised $12 million (about Rs 100 crore) in a Series D funding round, led by a mix of existing and new investors. The round was joined by Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, some high-net-worth individuals, and Co-founder JP Shukla of the company.

The new funds will help the brand expand into tier II, III, and IV cities in India. The company aims to expand from its present 65 stores in 10 states to 100 by 2029 and target revenue of Rs 600 crore, with a specific focus on under-penetrated markets in Uttar Pradesh, Bihar, and Jharkhand.

CEO and Co-founder JP Shukla said, "The ongoing vote of confidence by new and existing investors is a strong indication of our vision and execution. With this new capital, we are well-placed to drive growth more aggressively, create increased value for customers, and solidify our leadership in India's value retail market".

Website: http://1indiafamilymart.com/