Value retail chain India Family Mart has raised $12 million in its Series D funding round to help grow its retail network, the company said in a press release.
The funding round included new and existing investors such as Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, high-net-worth individuals (HNIs), and the company’s promoter, JP Shukla.
The new funding will help India Family Mart grow its presence in the value retail market. The company aims to reach over Rs 600 crore in revenue and open 100 stores by 2029, mainly in North and East India.
“The company’s focused approach to serving the underserved markets of Tier II, III, and IV cities, combined with its robust operational model and exciting growth trajectory, lays the foundation for building a strong leadership position in India’s value retail sector,” said Hithendra Ramachandran, Managing Director at Carpediem Capital.
Nysaa Retail, the parent company of India Family Mart, was founded in 2012. Today, it runs over 65 stores across 10 states, mainly in Tier II, III, and IV cities.
The company follows a zero-reverse logistics policy, meaning all products sent to stores—clothing, lifestyle items, and general goods—are sold without being returned.
Earlier this year, Apna Mart, a grocery and FMCG chain that sells both online and offline, raised Rs 214.5 crore through equity and debt funding. Fundamentum Partnership Fund and Accel led the round.
Last year in March, another small-town-focused grocery chain, SuperK, raised $6 million in funding from Blume Ventures and other investors.
Read more- Complement 1 Healthtech Startup Secures $16M in Funding to Transform Cancer Treatment and Care
