New Delhi based fashion retail chain 1-India Family Mart plans to list itself on Indian stock markets in the next two years. The company offers affordable fashion and operates in small towns across eastern and northern India. 1-India Family Mart IPO will follow the lead of Avenue Supermarts which made a bumper debut in 2017.
Started in 2013 with first store in Uttar Pradesh, 1-India Family Mart is owned by Nysaa Retail Private Limited. The company posted a revenue of INR393 crore (INR3.93 billion) in the year ended 31 March 2019 and had 92 stores in Bihar, Jharkhand, Chhattisgarh, Uttarakhand, Uttar Pradesh, Madhya Pradesh and the North East. In the next five years, the company plans to increase its store count to 350 and aims to clock a revenue of INR2,300 crore (INR23 billion). As earlier, majority of these stores will be opened in small towns.
“The category of stores in tier-IV cities has a profile different from tier III in terms of sustainable consumption, we are now aligning a relevant model for such stores which will make it easier for us to progress towards our ultimate vision of addressing the fashion needs of 75% of the country’s population,” said Ravinder Singh, Co-Founder and COO of 1-India Family Mart.
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In the buildup to 1-India Family Mart IPO, the company has been bolstering its management strength. While Co-Founder & CEO Jay Prakash Shukla has 22 years of experienced spanning Vishal Retail, Big Bazaar and Adani Retail; COO Ravinder Singh has worked with Hindustan Unilever Limited (HUL) and Reliance Communication. The company also has widely experienced management taking care of functions like Supply Chain Management and Buying.
Initially starting as a bootstrapped company, Nysaa Retail raised its first external funding of USD7 million from Carpediem Advisors in 2018 after completing five years of operations. In May 2019, the company raised a debt funding of INR20 crores (INR200 million) by a consortium led by APAC Financial Service for expanding in newer markets as well as for its working capital requirements.
“This round is part of the larger capital raise which the company is in the process of closing which will fund the company to scale its business till it goes public within the next two years,” company CFO Deepak Sharma said about the latest funding.