Latest news with #Citykart
Entrepreneur
2 days ago
- Business
- Entrepreneur
From Fashion to Fintech: Top Startup Fundings This Week (May 24–30)
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's startup ecosystem witnessed a flurry of activity this week with significant investments pouring into diverse sectors ranging from retail fashion and fintech to logistics, agri-finance, and hyperlocal services. The startups featured this week not only captured investor interest but also reflect the country's evolving digital and consumer landscapes. Here's a roundup of the most notable funding deals from May 24 to May 30. Citykart Founded in December 2015 by Sudhanshu Agarwal, Citykart is based out of Gurugram. The startup focuses on serving the fashion needs of tier-II and tier-III cities by offering affordable and trend-forward clothing for men, women, and children. Apart from apparel, they also provide footwear, accessories, home furnishings, and general merchandise. Citykart has carved a niche for itself in the value retail fashion space by delivering an inspirational shopping experience at accessible price points. Funding Amount: USD 63 Million Investors: TPG NewQuest, A91 Partners Saarathi Finance Saarathi Finance, headquartered in Mumbai, was founded in 2024 by Vivek Bansal and Sunil Daga. The startup provides secured and unsecured business loans tailored for micro and nano businesses, particularly in semi-urban and rural areas. With operations spanning across Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Rajasthan, and Uttar Pradesh, Saarathi uses flexible income assessments and quick turnaround times to bridge credit gaps in underserved markets. Funding Amount: USD 57 Million Investors: TVS Capital Funds, Lok Capital, Evolvence Equity Partners, Paragon Partners, and prominent angel investors Snabbit Founded in 2024 by Aayush Agarwal, Snabbit is a Mumbai-based quick-service home assistance app. It provides on-demand services such as dishwashing, cleaning, laundry, and kitchen prep. Users can book trained professionals who arrive within 10–15 minutes. The app aims to redefine convenience in urban households by delivering skilled, hourly services with high responsiveness. Funding Amount: USD 19 Million Investors: Lightspeed, Elevation Capital, Nexus Venture Partners Fleetx Fleetx, a Gurugram-based logistics tech platform, was established in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. It uses AI to optimise fleet and logistics operations. The platform offers a suite of solutions including fleet management, fuel analytics, video telematics, and transportation management systems, enabling logistics companies to enhance efficiency and reduce operational costs. Funding Amount: USD 13.2 Million Investors: IndiaMART Intermesh, BEENEXT's Accelerate Fund Samunnati Founded in 2014 by Anil Kumar SG, Samunnati is headquartered in Chennai. It offers customised financial and market linkage solutions to stakeholders in the agricultural value chain. From farmer producer organisations to agri-SMEs, the company bridges critical gaps in rural credit access and farm productivity. Samunnati's offerings include agri-loans, advisory support, and market connectivity, empowering India's agri ecosystem. Funding Amount: USD 5 Million Investors: Agri-Biz Capital Delaware LLC EUME EUME, established in 2018 by Naina Parekh and Pranay Parekh, operates out of Mumbai. Specialising in stylish and functional travel gear, EUME offers a wide product line including backpacks, luggage, and vegan handbags. The brand has gained popularity for its modern designs and sustainability focus, catering to a growing demand for travel-friendly, eco-conscious accessories. Funding Amount: USD 3 Million Investors: Ashish Kacholia, Pradeep Rathod of Cello Group, Prithviraj Kothari of Arvog Financial This week's funding spree underscores investor confidence in startups solving real-world problems with scalable models across India's vast consumer, business, and rural landscapes.
Fashion Network
3 days ago
- Business
- Fashion Network
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.
Arabian Business
5 days ago
- Business
- Arabian Business
Bahrain's Investcorp sells entire stake in Indian retailer Citykart
Investcorp, a Bahrain-based leading global alternative investment firm, announced the sale of its entire stake in Citykart, one of India's fastest-growing value retailers focused on Tier-2 and Tier-3 towns, to TPG NewQuest and 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. 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.
Zawya
5 days ago
- Business
- Zawya
Investcorp Capital successfully exited its investment in Citykart
Abu Dhabi – Investcorp Capital plc (the 'Company' or 'Investcorp Capital') (ADX symbol: 'ICAP'), an investor in private markets and alternative investment opportunities, is pleased to announce the sale of its entire stake in Citykart, one of India's fastest-growing value retailers focused on Tier-2 and Tier-3 towns, to TPG NewQuest and A91 Partners. It represents the fifth full exit from the Investcorp group's India Consumer Growth Portfolio (ICGP) and the sixth liquidity event for the Investcorp group's India franchise in the past 32 months. The operating scale-up has seen Citykart's 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. Investcorp Capital has successfully exited several investments this year, including RESA Power in Private Equity and US National I Portfolio in Real Estate. Commenting on the exit, Interim Chief Executive Officer, Mohamed Aamer, said: ' Our exit from Citykart and other recent exits across the portfolio demonstrate our ability to generate risk-adjusted returns globally. We continue to look for opportunities to unlock value in global markets, investing in innovation and achieving profitable returns for investors.' About Investcorp Capital plc Investcorp Capital is an investor in private markets and alternative investment opportunities. It offers investors exposure to a global portfolio of investments across various asset classes, including those that have been and will continue to be carefully selected by Investcorp Group. Investcorp Capital covers strategies across corporate investments, global credit, real assets and strategic capital, to generate value and recurring income by receiving dividends, collecting rents, financing fees and interest. Investcorp Capital was founded by Investcorp Group, a leading independent manager of alternative investments, with over $55 billion in assets under management (including assets managed by third parties). Investcorp Group has over four decades of experience and expertise in delivering attractive and consistent returns across multiple strategies, sectors and geographies. Investcorp Capital is listed on the Abu Dhabi Securities Exchange (ADX) under the symbol 'ICAP'. For more information, please visit
Biz Bahrain
5 days ago
- Business
- Biz Bahrain
Investcorp Announces Sale of Citykart to TPG NewQuest and A91 Partners
Investcorp, a leading global alternative investment firm, today announced the sale of its entire stake in Citykart, one of India's fastest-growing value retailers focused on Tier-2 and Tier-3 towns, to TPG NewQuest and 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. 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.
