Nysaa Retail, which operates the 1-India Family Mart retail chain, plans to invest Rs 100 crore to add 80 stores, while eyeing a turnover of Rs 1,100 crore by 2020-21, a top company official was quoted by news agency PTI as saying.
The company, which operates 80 stores in Tier II & III cities in eastern and northern India, is expected to close the current fiscal with a turnover of Rs 420 crore.
“We plan to invest about Rs 100 crore to add 80 new stores by financial year 2020-21. In the next phase of expansion we will focus on North East. We are also looking at clocking turnover of Rs 1,100 crore in two years time,” J P Shukla, Founder & CEO of 1-India Family Mart, told PTI.
Shukla said the company will fund expansion through a combination of internal accruals and debt.
The company, led by J P Shukla and Ravinder Singh, began operations in 2013, raised Rs 42.5 crore from private equity firm Carpediem Advisors in December 2017 and March 2018.
Shukla says 1-India Family Mart is looking to adopt Omnichannel retail distribution and plans to pilot a project for the same.
Nysaa Retail Pvt Ltd established its first store in Uttar Pradesh and operates stores in Bihar, Jharkhand, Chhattisgarh, Bengal and the North East.