Bahrain's Investcorp offloads stake in Indian retailer Citykart to TPG NewQuest, A91 Partners
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, Investcorp said.
Citykart, which focuses on fashion retail in Tier-2 and Tier-3 towns across India, in a separate announcement, revealed it raised 53.8 billion Indian rupees ($63 million) in a Series B funding round, co-led by TPG NewQuest and A91 Partners.
Citykart has said about INR 1.20 billion is primary capital, with the remaining capital raise to be allocated to secondary transactions.
Investcorp, with $55 billion in assets, was an early investor in Citykart 2019, which saw the retailer's expand its network from 37 to 137 stores, with an estimated revenue of INR 8.8 billion for FY 2025, the investment firm said.
Other recent realisations for Investcorp in India 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 said it continues to have active Indian holdings in companies including Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, among others.
(Writing by Bindu Rai, editing by Brinda Darasha)
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