Nysaa Retail, the parent of 1India Family Mart, the chain of supermarket is in talks with private equity funds to raise Rs 300-350 crore for growth and expansion. Ravinder Singh, co-founder, Nysaa Retail, confirmed, “We are looking to raise around $50 million and have appointed Avener Capital last week.”
The Carpedium Capital-backed company has appointed investment bank Avener Capital to look for investors. “IMs have just gone out and interested funds are carrying out initial diligence on the company,” said an investment banker with knowledge of the development. In January 2018, Carpediem Capital, a consumption theme-focused private equity fund, has invested $6.5 million (about Rs 41.5 crore) in the company.
According to Singh, Nysaa will use funds to fuel its expansion, both organic and inorganic. The company plans to add around 100 stores by FY21in the north and North East. “The company is looking at clocking a turnover of Rs 1,000 crore in next two years,” said Singh. “As consumers from even tier II-IV cities are using mobile apps for shopping, setting up an online presence is imminent.”
Source: Economic Times