1-India Family Mart eyes revenue of Rs 2,300 crore by 2024
Value retail chain 1-India Family Mart, owned by Nysaa Retail Private Limited, expects its revenue to touch Rs 2,300 crore ($321.7 million) by 2024, on the back of its ongoing retail expansion.
The company has been on an expansion spree and recently opened its 100th store in the state of Bihar. 1-India Family Mart had reported revenue of Rs 420 last fiscal year and expects to close this fiscal year with sales of around Rs 700 crore.
For its retail expansion, the company will continue to focus on tier 3, 4 markets and plans to reach a store count of 350 in the next five years. It had recently raised Rs 20 crore from investors like APAC Financial Service and others to fuel its expansion plans.
"Amidst the ongoing economic slowdown in the retail sector, 1-India Family Mart recorded a revenue of Rs 420 crore in the previous financial year and is further aiming to achieve Rs 2,300 crore revenue in the next five years with an expansion to over 350 stores," in a statement said 1-India Family Mart founding director Ravinder Singh.
"Witnessing such increasing demand, we are planning to increase our retail presence in tier 3 and tier 4 towns majorly in Assam, West Bengal and Odisha along with strengthening our presence in the existing states we operate," Singh added.
1-India Family Mart sells clothing and lifestyle accessories and currently has 100 stores across 81 cities in UP, Bihar, Jharkhand, Chhattisgarh, Orissa, North East, and West Bengal.
Copyright © 2023 FashionNetwork.com All rights reserved.