1-India Family Mart, a leading value retail chain owned by Nysaa Retail Private Limited has recently roped in retail industry veteran Venugopal Konchada as Chief Operational Officer.
The hiring is in line with the company’s plans for a rapid expansion where Konchada will be overseeing the entire operational procedures in terms of retail, in-store opening, visual merchandising, business development and marketing.
An ex-management student from IIPM, a master’s graduate in Exports Management from IMM and an MA holder in Political Science, he brings nearly 32 years of experience in the Indian retail space since 1987. Having spent a significant number of years with prominent retail brands like Vishal Megamart and V Mart, the man has literally witnessed the transition of a shopkeeper to an organised retailer. He now envisions to take the manoeuvres of 1-India Family Mart a notch higher towards an exceptional growth ladder in the country’s value retail space.
Speaking on his new role at 1-IndiaFamilyMart, he said, “My idea behind joining 1-India Family Mart is to take this company to the next level as it has been growing at a fast pace since its inception. We will be looking towards bringing in more and more skilled professionals into the business to match up to the scaling business and deliver an unparalleled retail experience to nearly 75 percent of the country’s population.”
Since its inception in 2012, 1-India Family Mart has managed to maintain a healthy growth rate and profitability on the financial books even as a bootstrapped enterprise. The firm eventually raised two rounds of external debt funding worth US $7 million equity and Rs 20 crore debt, respectively in 2018 and 2019 to leverage the amount for expanding to newer geographies. It has been planning to add up 40 stores in the current year and 50 stores by 2020. Konchada’s leadership, management and vision will further help 1-India Family Mart in growing effectively on the back of its financial strength and operating efficiency.