Investcorp Announces Sale of Citykart to TPG NewQuest and A91 Partners
The operating scale-up has seen the store network expand dramatically from 37 to 137 stores. This leads to an estimated revenue of INR 8.8 billion (about US $102 million) for FY 2025. This growth is mirrored by a matching growth in EBITDA, with sustained industry leading margins. It has consistently delivered profitability while building core functions, strengthening governance, and attracting strong talent across leadership and mid-management levels.
Furthermore, Investcorp has been instrumental in fostering a strategic partnership with founder Sudhanshu Agarwal, focusing on building a professional second line, integrating the W-Mart acquisition, revitalising under-performing stores, and optimising sourcing and inventory processes.
Gaurav Sharma, Partner & Head of India Investments at Investcorp, said: 'Citykart was the very first deal we executed after formally entering India in 2019, and it epitomizes 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.'
Yusef al Yusef, Global Head of Distribution atInvestcorp, commented: 'Partnering with the Citykart team to triple the store base, steer the business through the pandemic and still outperform our underwriting is immensely satisfying. We thank all stakeholders and are confident that TPG NewQuest and A91 will help Citykart accelerate its next growth phase.'
Other recent realizations besides Citykart 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 & 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 among others, demonstrating Investcorp's commitment to scaling high-growth businesses while realising timely liquidity for investors.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
9 hours ago
- Daily Tribune
Israel to partially reopen Gaza private goods trade
Undefined Israel will partially reopen private sector trade with Gaza to reduce its reliance on humanitarian aid, the defence ministry civil affairs agency for the Palestinian territories said on Tuesday. 'As part of formulating the mechanism, a limited number of local merchants were approved by the defence establishment, subject to several criteria and strict security screening,' COGAT said. Israel has been fighting Hamas in Gaza for 22 months and imposed a total blockade on March 2, partially lifted in May to allow a US-backed private agency to open food distribution centres. Aid convoys and airdrops by Arab and European militaries resumed last month, as UN-mandated expert reports warned famine was unfolding in the war-torn territory. The COGAT statement said private sector deliveries would be paid for by monitored bank transfers and be subject to inspections by the Israeli military before entering Gaza, 'to prevent the involvement of the Hamas terrorist organisation'. Permitted goods under the new mechanism will include food staples, fruit, vegetables, baby formula and hygiene products, COGAT said. The agency said more than 300 aid trucks entered Gaza on Monday, a larger number than in previous days, and that hundreds more were 'still queued up for UN pickup'.
Daily Tribune
13 hours ago
- Daily Tribune
Alba Discloses Financial Results for the Second Quarter and H1 of 2025
Aluminium Bahrain B.S.C. (Alba) (Ticker Code: ALBH), the world's largest aluminium smelter on one site, has reported a Profit of BD24.6 million (US$65.3 million) for the second quarter of 2025, down by 64% Year-overYear (YoY), versus a Profit of BD68.5 million (US$182.2 million) for the same period in 2024. The Company reported Basic and Diluted Earnings per Share of fils 17 for Q2 2025 versus Basic and Diluted Earnings per Share of fils 48 in Q2 2024. The Total Comprehensive Income for Q2 2025 stood at BD21.9 million (US$58.1 million) versus Total Comprehensive Income for the second quarter of 2024 of BD66.7 million (US$177.4 million) – down by 67% YoY. Gross Profit for Q2 2025 was BD47 million (US$125.1 million) versus BD102 million (US$271.2 million) for the same period in 2024 – down by 54% YoY. As for Revenue from contracts with customers in Q2 2025, Alba generated BD434 million (US$1,154.4 million) versus BD407 million (US$1,082.3 million) in Q2 2024 - up by 7% YoY. First Half For the First Half of 2025, Alba has reported a Profit of BD42.7 million (US$113.5 million), down by 54% YoY versus a Profit of BD93 million (US$247.3 million) for the same period in 2024. The Company reported Basic and Diluted Earnings per Share of fils 30 for H1 2025 versus Basic and Diluted Earnings per Share of fils 66 for the same period in 2024. Alba's Total Comprehensive Income for H1 2025 was BD38.7 million (US$102.8 million), down by 59% YoY, compared to a Total Comprehensive Income of BD94.4 million (US$251 million) in H1 2024. Gross Profit for the First Half of 2025 was BD97.8 million (US$260.2 million) versus BD159.2 million (US$423.5 million) in H1 2024 – down by 39% YoY. Alba generated in H1 2025 Revenue from contracts with customers of BD843 million (US$2,242 million) versus BD741.5 million (US$1,972.1 million) in H1 2024 - up by 14% YoY. Total Equity as of 30 June 2025 stood at BD1,924.4 million (US$5,118.2 million), up by 0.03%, versus BD1,923.9 million (US$5,116.9 million) as of 31 December 2024. Alba's Total Assets as of 30 June 2025 were BD2,657.9 million (US$7,069 million) versus BD2,673.4 million (US$7,110 million) as of 31 December 2024 – down by 0.6%. Interim Dividend The Board of Directors of Aluminium Bahrain B.S.C. (Alba) resolved during the Board e-meeting on Tuesday 05 August 2025, to recommend the distribution of Interim Dividend as at 30 June 2025 to the shareholders whose names are registered on the Company's register on the Record Date. The cash interim dividend is 10.55% of the share nominal value, equivalent to Fils 10.55 per share amounting to BD14,932,765 ( million). Resilient and focused Commenting on the Company's performance for the second quarter of 2025, the Chairman of Alba's Board of Directors, Khalid Al Rumaihi stated: 'Amidst global market headwinds, Alba stands resilient and focused. While our profitability has been tempered by external pressures, the continued growth in revenue and the remarkable rise in Value Added Sales to 76% reflect the strength of our vision and the agility of our profitability gap compared to Q2 2024 is largely attributed to higher landed alumina prices in this period; without that distortion, our performance would've exceeded last year's.' Safety first Alba's Chief Executive Officer, Ali Al Baqali, added: 'Behind every number is the unwavering dedication of our people. In the face of market challenges, Alba has delivered good results driven by a culture that puts safety first and empowers excellence. Achieving 38 million safe working hours without LTI is a testament to this commitment. We are proud of our workforce and confident in our ability to navigate the road ahead, together and safely.' Alba Management will hold a conference call today at 12:30 PM Bahrain Time to discuss the Company's financial and operational performance for Q2 2025 and outline
Daily Tribune
13 hours ago
- Daily Tribune
Trump signals tariffs on pharma, chips
US President Donald Trump signaled Tuesday that fresh tariffs on imported pharmaceuticals and semiconductors could be unveiled as soon as the coming week, as he presses on in efforts to reshape global trade. Trump's latest comments, in an interview on CNBC, come days before a separate set of tariff hikes takes effect on dozens of economies later this week. The sweeping tariff plans have sparked a flurry of activity as governments seek to avert the worst of his threats -- with Switzerland's leaders heading to Washington on Tuesday in a last-minute push to avoid punitive duties. But he appears set to widen his trade war s further. The US president told CNBC that upcoming tariffs on imported pharmaceuticals could reach 250 percent, while adding that he plans for new duties on foreign semiconductors soon. "We'll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it's going to go to 150 percent," Trump said. "And then it's going to go to 250 percent because we want pharmaceuticals made in our country." Trump also said that Washington will be announcing tariffs "within the next week or so." He added: "We're going to be announcing on semiconductors and chips." Concern for US economy Trump has taken aim at products from different countries with varying tariff rates after imposing a 10-percent levy on almost all trading partners in April -- with excluded products targeted by sector. While Swiss leaders are seeking to stave off a US tariff hike to 39 percent come Thursday -- which excludes sectors like pharma -- Trump's plans for a steep pharma levy will likely be a point of contention in any talks. Pharmaceuticals represented 60 percent of Swiss goods exports to the United States last year. Besides probing pharmaceuticals and chips imports, Trump has already imposed steep duties of 50 percent on imports of steel and aluminum, alongside lower levels on autos and parts. In the same CNBC interview, Trump said he expects to raise the US tariff on Indian imports "very substantially over the next 24 hours" due to the country's purchases of Russian oil. This is a key revenue source for Moscow's military offensive on Ukraine. His pressure on India comes after signaling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Moscow is anticipating talks this week with the US leader's special envoy Steve Witkoff, and the Kremlin has criticized Trump's threat of raising tariffs.
