GII invests ₹50 crore in 1-India Family Mart
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)
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 (GII).
The Gurugram-based company, which is also backed by Carpediem Capital, will use the fresh funds to double its store count, organically and through 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, chief executive officer at 1-India Family Mart.
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1-India Family Mart, operated by Nysaa Retail Pvt. Ltd, offers fashion apparels, lifestyle products, and general merchandise through more than 100 stores. “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.
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