Striving to meet the fashion aspirations of individuals living in small towns, 1-India Family Mart, a leading value retail chain owned by Nysaa Retail Private Limited, is aiming to invest Rs 200 crore in retail expansion for opening 100 stores during the next two financial years.
The value fashion retailer has completed 90 stores across 82 cities of Eastern and Northern India, generating revenue worth Rs 420 crores.
Ravinder Singh, Co-founder & COO, 1-India Family Mart, said, “We are delighted to bring the next level of retail experience to our customers in these 82 cities. The encouraging response garnered by all the existing stores indicates the increasing demand for affordable fresh fashion and general merchandise among the aspirational class in India.”
“Witnessing such increasing demand and potential in tier-2, tier-3, and tier 4 cities, we are planning to add more stores by 2020, which will drive us towards our ultimate vision of addressing the fashion needs of 75% of the country’s population,” he added.
Having managed to maintain a healthy growth rate and profitability on the financial books, the firm has recently raised its second round of external debt funding worth Rs 20 crores. 1-India Family Mart will now leverage the amount for expanding to newer geographies by adding up 40 stores in the current year and 50 stores by 2021.