India Family Mart raises $12M in Series D funding

Value retail chain India Family Mart has raised $12 million in its Series D fundraise to support its retail expansion plans, it shared in a press note.

The round witnessed participation from new and existing investors including Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, HNIs, and promoter JP Shukla.

The latest capital infusion is expected to support its plans to expand its retail footprint in the value retail segment. It has an aim to cross Rs 600 crore in revenue and set up 100 stores by 2029, especially in North and East India.

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"The company’s focused approach to serving the underserved markets of Tier II, III, and IV cities, combined with its robust operational model and exciting growth trajectory, lays the foundation for building a strong leadership position in India’s value retail sector," said Hithendra Ramachandran, Managing Director at Carpediem Capital.

Nysaa Retail, the holding company of India Family Mart, was established in 2012. It currently operates over 65 stores across 10 states, primarily in Tier II, III, and IV cities. It works on a zero-reverse logistics policy, which ensures sale of all shipped inventory across categories including fashion apparel, lifestyle products and general merchandise.

Earlier this year, omnichannel grocery and FMCG chain Apna Mart raised Rs 214.5 crore in a mix of equity and debt round led by Fundamentum Partnership Fund and Accel. While, last year in March, small town-focused grocery retail chain SuperK raised $6 million from Blume Ventures and others.