1-India Family Mart, which focuses on tier-III and IV towns, aims to have an annual revenue of Rs 2,300 crore in the next five years, on account of new stores.
The company, owned by Nysaa Retail, launched 100 stores in Bihar recently, 1-India Family Mart said in a statement. The firm has a plan to raise the number of stores to 350 in the next five years.
"Amidst the ongoing economic slowdown in the retail sector, 1-India Family Mart recorded a revenue of Rs 420 crore in the previous financial year and is further aiming to achieve Rs 2,300 crore revenue in the next five years with an expansion to over 350 stores," said 1-India Family Mart Founding Director Ravinder Singh.
The company is eyeing a revenue of Rs 650 crore Rs 700 crore for the current financial year, he added.
Its retail stores are spread in small cities of Uttar Pradesh, Bihar, Assam, Madhya Pradesh, West Bengal and Orissa.
"Witnessing such increasing demand, we are planning to increase our retail presence in tier III and tier IV towns majorly in Assam, West Bengal and Odisha along with strengthening our presence in the existing states we operate," he said.
The company reportedly raised its first external funding of USD 7 million from Carpediem Advisors in 2018 for investing in expansion, technology, customer relationship management, warehousing and storefront training.
Recently, the firm also raised its second round of external debt funding of Rs 20 crore.
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