Citykart, the value fashion and miscellaneous fast moving consumer brand, is planning to expand its brick-and-mortar stores across rural India. The brand will be focusing on Tier II, III, IV, towns in states such as Jharkhand, Orissa, Chhattisgarh, Uttar Pradesh, Bihar and the Northeast for retail expansion.
Citykart raised Rs 100 crore in its first round of external equity funding from IDFC Alternatives and India SME Investments. This fresh capital will be used to open 100 new stores in the next two years. It will also be utilized to strengthen its back-end operations.
The brand targets to tap into the growing organisation of rural India’s fashion market with its value-fashion offerings and ‘family fashion’ concept.
Presently, Citykart has around 40 stores in India and its average store size is 8,000 to 10,000 square feet. The brand is retailing fashion, accessories and footwear for women, men and children.