1-India Family Mart to open 100 stores in Tier 2 and 3 cities in next two years

The fashion and general items store chain operated by Nysaa Retail, 1-India Family Mart, plans to expand across Tier 2 and 3 cities and open 100 stores over the next two years as it aims to reach 12 lakh square feet of retail space.

1-India Family Mart plans to open 100 stores over the next two years - 1-India Family Mart- Facebook

1-India Family Mart plans to increase its retail space from its current total of 4.25 lakh square feet to 12 lakh square feet over the next two years by opening 100 new retail outlets in Tier 2 and 3 locations. In order to do this, the business will raise 50 percent of the required investment through internal accruals and the other 50 percent through debt. Earlier this year, the business raised Rs 42.5 crore from Carpediem Advisors, a private equity firm. This marked the business’ only external funding round since it was launched in 2012.

“Following the opening of the new stores, we expect to record net revenue of about 750 crore rupees in 2019, which will further increase to Rs 900- 1,000 [crore] by 2020,” said Jay Prakash Shukla, the Founder and CEO of 1-India Family Mart in a statement. Over the course of the 2018 fiscal year, Nysaa Retail Private Limited reported over 60 percent growth in net sales which totalled Rs 235 crore compared to Rs 147.5 crore in the 2017 fiscal year.

Catering to rural locations, there are currently 56 1-India Family Mart stores situated in Uttar-Pradesh, Bihar, Chhattisgarh, Jharkhand, and the Northeast. The brand sells a variety of casual wear and traditional wear priced in the value section of the market along with other fast moving consumer goods (FMCG) products.

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