PremiumValue retail chain startup 1-India Family Mart raised ₹50 crore as a part of its Series B round of funding from Dubai-based financial services firm Gulf Islamic Investments LLC (GII)
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NEW DELHI : Value retail chain startup 1-India Family Mart raised ₹50 crore as a part of its Series B round of funding from Dubai-based financial services firm Gulf Islamic Investments LLC (GII).
The Gurugram-based company, which is also backed by Carpediem Capital, will use the fresh funds to double its store count, organically and via acquisitions.
“We are excited to raise a fresh funding round from GII which will significantly boost our expansion plans, strengthen our retail presence and drive growth trajectory of the group," said Jay Prakash Shukla, CEO at 1-India Family Mart.
1-India Family Mart, operated by Nysaa Retail Pvt. Ltd, offers fashion apparels, lifestyle products and general merchandise through more than 100 stores across Bihar, Jharkhand, Chhattisgarh and the northeast.
“We love the group’s focus on value retail and their ability to reach and cater to the Indian semi-urban areas. The group is on path to expand its footprint in new towns and semi-urban areas which resonates with India’s growth story coming from tier-2 and tier 3 cites," said Pankaj Gupta and Mohammed Alhassan, co-founders at GII.
Nysaa Retail, which was established in November 2012, had last year sold a minority stake to Suumaya Industries Ltd to raise capital. It had raised its first institutional round of funding from Carpediem.
In 2019, 1-India Family Mart had raised ₹20 crore in debt funding in a deal led by Mumbai-based APAC Financial Services Pvt. Ltd, started by Deutsche Bank’s former Asia-Pacific chief Gunit Chadha.
GII manages about $2 billion in assets across sectors such as venture capital, private equity and real estate.
The investment firm said recently that it will invest $500 million in India over three years. Earlier this month, it invested ₹50 crore into male grooming brand Bombay Shaving Company.
GII made its first investment in India in 2020 by betting on a multi-specialty hospital chain and in-vitro diagnostics firm. It did not disclose their names.
In July 2021, it led a Series B round of funding in Hero Electric Vehicles Pvt. Ltd, which makes lithium-ion battery-powered two-wheelers.
The following month, it co-led an investment in Soothe Healthcare Pvt. Ltd, the maker of Paree brand of sanitary napkins.
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