V2 Retail Ltd today said funds affiliated with private equity firm Lighthouse have made an investment of Rs 76 crore in the company.
V2 Retail has 44 stores across 13 states in India and targets reaching a store count of 100 in the next two to three years.
"Lighthouse, a middle market private equity firm focused on growth investments in India's consumer sector, announced today that funds affiliated with the firm have made an investment of Rs 76 crore in V2 Retail Ltd.
"The investment will be used to accelerate V2 Retails store expansion plans," V2 Retail said in a statement.
V2 Retail Chairman and Managing Director Ram Chandra Agarwal said: "We plan to further penetrate in our core markets, such as Bihar and Uttar Pradesh, due to large number of high potential Tier II and III cities, which remain significantly underpenetrated in terms of organised retail.
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