Bahrain's Investcorp sells entire stake in Indian retailer Citykart
It represents the fifth full exit from the firm's India Consumer Growth Portfolio (ICGP) and the sixth liquidity event for the India franchise in the past 32 months.
Gaurav Sharma, Partner & Head of India Investments at Investcorp, said Citykart was the very first deal the firm executed after formally entering India in 2019.
Investcorp exits Citykart stake
'It epitomised our strategy of backing category-defining, founder-led businesses in high-growth segments.
'Today's outcome underscores our ability to generate attractive risk-adjusted returns, while supporting India's consumption story,' he said.
The operating scale-up has seen Citykart's store network expand dramatically from 37 to 137 stores, leading to an estimated revenue of $102 million (INR 8.8 billion) for FY 2025.
Investcorp said it has been instrumental in fostering a strategic partnership with Citykart founder Sudhanshu Agarwal, focusing on building a professional second line, integrating the W-Mart acquisition, revitalising underperforming stores, and optimising sourcing and inventory processes.
Yusef al Yusef, Global Head of Distribution at Investcorp, said partnering with the Citykart team to triple the store base, steer the business through the pandemic and still outperform the fund's underwriting is immensely satisfying.
'We thank all stakeholders and are confident that TPG NewQuest and A91 will help Citykart accelerate its next growth phase,' he said.
Besides Citykart, Investcorp's other recent realisations include the sale of its stake in luggage maker Safari Industries, a profitable exit from eyecare specialist ASG Eye Hospital, a planned IPO-led exit from health-benefits administrator Medi Assist Healthcare, and a partial exit from dialysis network NephroPlus.
Investcorp's India private equity strategy targets asset-light opportunities across consumer and retail, healthcare, financial services, B2B and technology.
Its active Indian holdings include Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, Intergrow Brands, Unilog, V-Ensure, and the buy-out of NSE IT, rechristened NuSummit.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Trump says US and Pakistan have signed trade deal to develop oil reserves
President Donald Trump on Wednesday said that the US and Pakistan have signed a trade deal focused on the development of oil reserves in the Asian country. Mr Trump, who made the announcement in a post on his Truth Social platform, said his team has been 'very busy' working on trade deals. 'We are in the process of choosing the Oil Company that will lead this Partnership,' Mr Trump said of the deal with Pakistan. The Express Tribune quoted Pakistan's Energy Minister Mohammad Ali as saying last year that his country has 235 trillion cubic feet (tcf) of gas reserves, and 10 per cent of it can be explored with an investment of $25 billion to $30 billion in the next one decade. 'Who knows, maybe they'll be selling Oil to India some day!' the President added in his post. Pakistan and India have a historically tense relationship that boiled over into violence this year in Indian-controlled Kashmir, after more than two dozen people, most of them tourists, were killed by an extremist group. Tit-for-tat strikes between the two countries persisted for about two weeks before a ceasefire was announced. Mr Trump took credit for brokering that ceasefire. Earlier on Wednesday, Mr Trump announced the US would impose a 25 per cent tariff on goods from India as well as a 'penalty' for buying Russian energy and military hardware. He accused India of enabling the war in Ukraine through its purchases from Moscow. In his Truth Social post, the President said that he would be meeting with a trade delegation from South Korea to discuss the 25 per cent tariffs the US has levied on Seoul. 'Other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way,' Mr Trump added, adding that a full report 'will be released at the appropriate time'.
The National
4 hours ago
- The National
Trump announces 25% US tariff on India 'for buying Russian weapons and energy'
The US will impose a 25 per cent tariff on goods from India as well as a 'penalty' for buying Russian energy and military hardware, President Donald Trump announced on Wednesday. In a message on his Truth Social platform, Mr Trump accused India of enabling the war in Ukraine through its purchases from Russia. 'They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy along with China, at a time when everyone wants Russia to stop the killing in Ukraine – all things not good!' Mr Trump wrote. He also accused India of having the world's most 'strenuous and obnoxious' non-monetary trade barriers and said the penalty would start on Friday. Mr Trump not specify what the additional penalty would be, but this week said he would place additional sanctions on Russia unless it complies with his demand to end the war in Ukraine. The Indian embassy in Washington referred The National to a statement by the Ministry of Commerce & Industry that said New Delhi had "taken note" of Mr Trump's comments and was studying the implications. "India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective," the statement read, adding that India would take "all steps necessary" to secure its national interest. The Census Bureau reported that the US ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. India is the world's most populous country, with more than 1.4 billion inhabitants, and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported western sanctions on Moscow.
The National
5 hours ago
- The National
President Sheikh Mohamed and India's Modi explore ways to bolster ties
President Sheikh Mohamed and Indian Prime Minister Narendra Modi reviewed efforts to strengthen ties under a strategic partnership in place between the nations in a phone call on Wednesday. The two leaders spoke of their desire to promote sustainable development for their countries during the talks, state news agency Wam reported. Sheikh Mohamed congratulated Mr Modi on becoming the second longest-serving prime minister in India's history. Mr Modi, 74, came to power in May 2014 and won a third consecutive term following national elections in June 2024. He has overtaken former prime minister Indira Gandhi, who served from January 1966 to March 1977. India's longest-serving prime minister is Jawaharlal Nehru, who was in office from August 15, 1947, to May 27, 1964. India and the UAE enjoy a deep-rooted friendship that dates back to the formation of the Emirates. The UAE is home to more than 3.5 million Indians, the largest expatriate community in the country. The UAE and India in April signed eight initial pacts across sectors from logistics to health care that are aimed at boosting economic ties. The preliminary agreements also cover industries including infrastructure, higher education, maritime services, logistics and private sector engagement. They were signed during the official visit to India by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.
