Citykart Ventures secures approx $65 million strategic investment
Value fashion retailer Citykart has secured Rs 538 crore in Series B funding, one of the largest investments in India's affordable fashion segment. The round was co-led by TPG NewQuest, a private equity platform under TPG, and A91 Partners, a domestic growth-focused investment firm.
Of the total capital raised, around Rs 120 crore is primary funding to support Citykart's expansion in retail presence and product range, Entrackr reported. The remaining Rs 418 crore came from secondary transactions, facilitating an exit for early investor Investcorp. According to media reports, Investcorp's initial investment of Rs 75 crore in 2019 has grown to an exit value of approximately Rs 280–300 crore. India SME Fund retains a minority stake.
Headquartered in Gurugram, Citykart has recently added 12 stores, bringing its total to 137 outlets across 91 cities in 11 states. The retailer focuses on Tier 2 and Tier 3 cities with in-house labels such as Athiya, Nimes, Fumee, and Remise, catering to over 15 million annual customers.
Founder Sudhanshu Agarwal has previously stated the brand is targeting Rs 1,300 crore in annual revenue and aims to reach 300 stores. With a current growth rate exceeding 40%, Citykart positions itself as a budget-friendly fashion destination inspired by global models, according to its Facebook page.
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