1-India Family Mart raises Rs 50 crore in funding from Dubai-based Gulf Islamic Investments

By Daisy On Feb 24, 2022

New Delhi: Value retailer 1-India Family Mart has raised Rs 50 crore in series B funding from Dubai-based Gulf Islamic Investments (GII).

The Carpediem Capital-funded retailer, that operates about 100 outlets in Tier 2, 3 and 4 cities, said it will use the fund for expanding outlets and to push its e-commerce and omni-channel strategies. GII is the second investment into the company after Carpediem’s capital infusion in 2018.

The “fresh funding round from GII will significantly boost our expansion plans, strengthen our retail presence and drive growth trajectory of the group,” Jay Prakash Shukla, co-founder of 1-India Family Mart.

Starting with a store in Uttar Pradesh in 2013, currently the group operates outlets in Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh and in the northeast states selling its fashion apparel, lifestyle products and general merchandise.

In September, Mumbai-based ethnic apparel manufacturer Suumaya Industries has picked up a minority stake in 1-India Family Mart’s parent company Nysaa Retail Pvt Ltd for about Rs 5 crore valuing the value retailer at around Rs 500 crore.

Barely three weeks ago, GII had made a similar Rs 50 crore investment into personal care brand Bombay Shaving Co. that sells shaving, skincare, hair oils, fragrances among other items.

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