01 March 2022, Mumbai:
1-India Family Mart, a leading value retailer, has secured Rs. 50 crore (500 million) in Series B investment from Gulf Islamic Investments (GII) in Dubai.
The money will support the Group's expansion plan, which includes tripling the number of retail shops in the next two years through organic growth and consolidation.
In order to become an omnichannel player, it will also begin its dispersed e-commerce activities. Fashion clothes, leisure items, and general stuff are all available at the store.
Carpediem Capital had previously provided the Group with its first institutional round of finance in 2018. With over 100 locations across India, 1-India Family Mart offers a diverse product offering and a significant presence in Tier-II, Tier-III, and Tier-IV towns.
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"This money-raising is fairly significant for the retail sector in recent times," said Jay Prakash Shukla, co-founder, and CEO of 1-India Family Mart. We sought like-minded investors to help us nurture an IPO-able Group in the near future as we built a scalable business."
"We are expanding our geographical presence and building our own private label in the fast-growing women's apparel area," said Ravinder Singh, the company's co-founder, and COO. To better enter the industry and serve our selective clientele, we are launching our own online omnichannel.
Furthermore, having a strong web presence will help us further solidify our market position."
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BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.
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