1-India Family Mart Raises USD 12 Mn in Series D
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Value retail chain 1-India Family Mart has secured USD 12 million in its Series D funding round from a mix of existing and new investors, including Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, several high-net-worth individuals (HNIs), and promoter JP Shukla.
The fresh capital will be used to accelerate the brand's growth, with a sharp focus on expanding its retail footprint across tier II, III, and IV cities. The company plans to scale its store count from the current 65 outlets across 10 states to 100 stores by 2029, while targeting INR 600 crore in revenue.
Earlier, the company raised INR 50 crore (USD 6 million) in Series B funding from Dubai-based Gulf Islamic Investments, while Suumaya Industries acquired a minority stake in its parent firm, Nysaa Retail Pvt Ltd.
JP Shukla, Co-founder and CEO, said, "The continued support from both new and existing investors is a clear endorsement of our vision and execution. With this fresh capital, we are poised to accelerate our growth, deliver greater value to our customers, and reinforce our leadership in India's value retail market."
Founded in 2012 by Jay Prakash Shukla and Ravinder Singh, 1-India Family Mart operates through mid-sized stores in tier III and IV towns, bringing affordable fashion, lifestyle products, and general merchandise to underserved markets. The company's centralised warehouse in Gurugram and a zero-reverse logistics policy ensure efficient operations by minimising waste.
The brand's strength lies in its ability to deliver quality products at competitive prices, while maintaining a curated in-store experience. With a retail footprint of nearly 5 million square feet, it has built a strong presence particularly in Uttar Pradesh, Bihar, and Jharkhand.
Hithendra Ramachandran, MD at Carpediem Capital, said, "The company's focused approach to serving the underserved markets… lays the foundation for building a strong leadership position in India's value retail sector."
Jeremy Foo, Partner at Foundation Private Equity, added, "We have strong conviction that 1-India Family Mart will be able to capitalize on the strong tailwinds in the market segment it serves."
The Series D round reinforces 1-India Family Mart's strategy of tapping into India's rising aspirational consumer base through efficient, value-driven retail.
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