Value retail chain 1-India Family Mart has successfully secured $12 million in its Series D funding round. This round attracted a mix of both existing and new investors, including Gulf Islamic Investments and Singapore-based Foundation Private Equity.
Other notable participants were Carpediem Capital Partners, Capri Global Holdings, and a consortium of high-net-worth individuals, alongside promoter JP Shukla.
The new capital is aimed at bolstering the company’s growth strategy, particularly in expanding its retail presence within India’s dynamic value retail sector.
Previously, the company had garnered Rs 50 crore (approximately $6 million) in its Series B funding from Dubai-based Gulf Islamic Investments. Additionally, Mumbai’s Suumaya Industries took a minority stake in Nysaa Retail Pvt Ltd, the parent company of 1-India Family Mart.
Targeting Underserved Markets
Founded in 2012 by Jay Prakash Shukla and Ravinder Singh, 1-India Family Mart targets underserved markets through its mid-sized retail outlets located in tier III and IV towns and villages.
By focusing on tier II, III, and IV cities, the brand connects with India’s aspiring consumers, offering them affordable fashion, lifestyle products, and general merchandise in an organized retail format.
Currently, 1-India Family Mart operates 65 stores across ten states, with a particular focus on expanding its footprint in North and East India. The company is supported by a centralized warehouse in Gurugram, which enhances operational efficiency through a zero-reverse logistics policy, ensuring that all inventory shipped is sold, thus minimizing waste.
Ambitious Growth Plans Ahead
The company is steadfast in its commitment to quality, competitive pricing, and a curated in-store experience. Looking ahead, 1-India Family Mart aims to achieve Rs 600 crore in revenue and expand its network to 100 stores by the year 2029.
This ambitious growth trajectory underscores the brand’s dedication to meeting the evolving needs of the Indian consumer market and capturing a larger share within the value retail segment.
