Delhi-based Nysaa Retail Pvt. Ltd, which operates a chain of value retail stores under the brand name "1-India Family Mart", on Thursday, announced raising around USD 6.5 million from private equity (PE) fund Carpediem Capital.
The PE fund typically makes an investment in the range of USD two million to USD eight million, and this is the fund's fifth investment.
Prakash Shukla, founder and CEO, Nysaa Retail said “Our focus is to provide the best retail experience to people in our target markets. We are excited that Carpediem team has decided to partner with us in building the next phase of Nysaa's growth. With additional resources and bandwidth, we will now accelerate our expansion into markets which are significantly underpenetrated”.
Arvind Nair, chairman and Hithendra Ramachandran, MD, Carpediem Advisors Pvt. Ltd. will join the board of Nysaa Retail.
Arvind Nair said “J.P. Shukla and Ravinder Singh have built a solid business, providing top class retail experience at smaller towns, where organized retailing is underpenetrated. The customer service model developed is remarkable. As the customers at these towns become savvy, the demand for organized retail will grow rapidly in the coming years. Carpediem is excited to participate and support the management team in building this great consumption story”.