Committed to meet the fashion aspirations of individuals living in small towns, 1-India Family Mart, a leading value retail chain owned by Nysaa Retail Private Limited has closed FY 2018-19 with a revenue of Rs 393 crore. During its Board Meeting, the company announced a revenue jump of 71 percent compared to the previous year while successfully opening 41 new stores during this period. The value fashion retailer now targets revenue worth Rs 2,300 crore with over 350 stores in the next 5 years.
With an endeavour to make affordable and fresh fashion apparels, lifestyle products and general merchandise accessible to its customers, 1-India Family Mart started operations in 2013 with two stores in UP’s Ghazipur and Fatehpur district. It gradually expanded operations across its core areas of UP, Bihar, Jharkhand, Chhattisgarh and moving to new geographies such as Bengal, Orissa and the North East. .
Ravinder Singh, Co-Founder and COO, 1-India Family Mart said, “The category of stores in Tier 4 cities has a profile different from Tier 3 in terms of the sustainable consumption, we are now aligning a relevant model for such stores which will make it easier for us to progress towards our ultimate vision of addressing the fashion needs of 75 percent of the country’s population. The company has attracted top leadership talent as part of capability building to match the growth plans and is also investing in processes and technology while maintaining high standards of corporate governance. This is all a build-up to an IPO in 2 years’ time.”
Speaking on the growth numbers, Deepak Sharma, CFO 1-India Family Mart added, “It has been a phenomenal growth this fiscal year in terms of revenue and expansion for 1-India Family Mart. Despite subdued consumption in our geographies and erratic weather conditions the company has managed good growth mainly driven by Tier 3 and Tier 4 stores. Products that are trendy and cater to the needs of young and youth contributed majorly to these growth numbers followed by the kids’ segment that too witnessed a healthy pace in demand.”
A bootstrapped company, 1-India Family Mart raised its first external funding worth US$ 7 million from Carpediem Advisors Pvt. Ltd in 2018 for investing in expansion, technology, CRM, warehousing and storefront training. Having managed to maintain a healthy growth rate and profitability on the financial books, the firm has recently raised its second round of external debt funding worth Rs 20 crore, which is part of a larger fund raise in process, including a mix of debt and equity, that will fund the scaling of the business and culminating in a public issue.