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.
Nysaa Retail will utilize the capital to fund expansion and strengthen technology and capabilities.
"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," said founder and CEO, Nysaa Retail, Jay Prakash Shukla.
Arvind Nair, chairman and Hithendra Ramachandran, MD, Carpediem Advisors Pvt. Ltd. will join the board of Nysaa Retail.
"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," said Arvind Nair.
Prabhudas Lilladher Capital Markets Pvt. Ltd. acted as the exclusive financial advisor for the transaction.
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